Economical: Disaster.
Political: Will give rise to populist parties.
I agree with the first part, to an extent. But let's not forget the fact that in most of the affected nations, the economy is recovering despite the increasing number of new cases and deaths from the pandemic. And secondly, a number of populist politicians and parties have lost as a result of the pandemic. The best example is that of Donald Trump.
He could have easily won the POTUS 2020 elections, if the pandemic was not there. I don't think so, people are not dumb, they are not only looking at one situation, Trump had serve one team in his country, so people are already seeing his decisions and actions over that period and they are not satisfied that's why he lose, just to be clear, majority are not satisfied that's why majority voted for Biden.