Just want to say I went in June 2021 and absolutely loved my time in Rome. So much so, that my fiancee and I are going for our honeymoon for 3 weeks in February (just two weeks from Friday -- woohoo!). This is how I look at it...
I understand the risks, spent a tiny bit extra to mitigate those risks (see below), and ultimately -- I'd rather travel, roll with the punches, and have a great story to tell than sit at home waiting for the world to change.
Masks -- Sure, you have to wear masks -- no biggie. It will keep my nose warm if it's chilly outside. I can "chin" it like the locals if I'm in a non-crowded area. Will a mask really limit how much you can enjoy yourself?
COVID -- I had covid in 2020, was exposed to Delta in August 2021 by a dear friend who I ate with, sang with, and hugged even though he was coughing his brains out (it was a Bible Study dinner thing), and then I spent Christmas with my sister and her family who all had Omicron a few weeks ago. Oddly enough, I never got sick again. I also got my vaccine so I could travel a few weeks ago. So I'm not worried about getting covid, but that's just me.
COVID Part 2 / Quarantine -- For our upcoming trip, I purchased trip insurance from World Nomads ($166 for $2,500 of trip insurance). This will reimburse me if I happen to test positive in Italy before flying back to the US, etc. I have a credit card with a big limit and plenty of room, so it won't be the end of the world if I have to stay for another week. I also bought the flight insurance in case my flight there gets canceled for some reason. This was probably overkill, but our layover is in Newark in January... would hate to miss my flight due to snow.
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All in all, I know I'll enjoy my time and make the most of it no matter what. I've done what I can do to mitigate the downside risks while not breaking the bank. And it's going to be an adventure... it always is :)