Yes the projections aren't looking good. If Omicron made people as sick as Delta we would be seriously screwed.
However Christmas miracle, only 10 cases reported in Canada today... (Only Nunavut reported) It will probably be a week into Januari before any reported numbers start to become reliable again. (Not only are people waiting for days to get tested, there are also again close to 70K tests pending to be analyzed)
Meanwhile the UK is trying to out vaccinate the new wave again with booster shots. You couldn't out vaccinate Delta, this spreads much much faster... I guess with Omicron anti-bodies plus a booster shot, you should be good for a while!
I'm just hoping Omicron is indeed mild and far less dangerous. Reported deaths did eventually go up in South Africa, yet comparing 3 weeks, 21 days between reported cases and deaths: deaths / cases it would be a fatality rate of 0.9% for Omicron vs 5.7% for Delta. (Comparing with April 16 where the Delta wave reached over 400 deaths in a week) That's not the actual fatality rate (cases are under reported), but what you can say is that Omicron is so far proving to be far less lethal.