We’re seeing the consequences today. Italy has been seeing it for the past 20 years and recruited immigrants, especially from Asia, to move into the villages and towns of Northern Italy to help support the overwhelming elderly population, and to help keep towns from going extinct.
The result of course was last February right after the Chinese New Year when many of those immigrants returned home, then returned to Italy bringing COVID-19 with them.
Japan is on the edge of going extinct soon, especially because of the anti-immigrant policy, the younger generation will not have the population to support the elderly. Things aren’t changing as I post this.