(Bloomberg Opinion) -- The story of Covid-19 has been pretty bleak, from the scale of the novel coronavirus’s death toll to the pain of draconian lockdowns imposed by, in many cases, unprepared and under-resourced governments.

But several weeks after the tentative lifting of tough stay-at-home restrictions in several major European countries, there are reasons to be optimistic about the risk of a second wave of cases — with a dose of appropriate caution.

In France, the government is forging ahead with the reopening of bars, restaurants, museums, parks and cross-country travel after the first phase of “deconfinement” went much better than expected. The daily increase in cases here averaged around 0.5% last week, according to Bloomberg data, and the virus’s basic reproduction rate is below 1, according to the French government and other estimates based on hospitalizations.

Elsewhere, Italy, Germany and Spain have also avoided serious flare-ups in cases and deaths as restrictions are eased. It’s similar in Austria and Denmark, which lifted lockdowns back in April. Weekly confirmed cases show the continuation of a declining trend. That’s despite people going out and about once again, albeit with face masks and hand gel, and a stay on big-crowd events for now.

Retail and recreational footfall in these countries, which was near zero during the lockdown, has recovered to around 50% below the pre-crisis baseline, according to Google data. In parks and public spaces, it’s back to normal. Consumers are even booking flights again. Visions of a radically new society emerging from the rubble of Covid-19 may have to be rethought.

There’s no consensus yet on why things are going relatively well. Some experts say the virus itself may have changed, possibly weakened by the summer heat or mutating into a more benign form. Society has changed, too. More social distancing, more handwashing and more testing and contact tracing are proving their worth.

Whatever the reason, doctors are increasingly voicing relief and optimism. “Of course, we shouldn’t lower our guard,” French medical professor Frederic Adnet said last week. “But right now, it’s as if the epidemic was behind me.” On Friday, Christian Drosten, a virologist at the Charite University Hospital in Berlin, told Der Spiegel he was confident the outbreak could be kept under control without another lockdown: “There is theoretically a possibility that we can forego a second wave.”

None of this means that the virus has disappeared. Areas such as Latin America are still being hit hard. The World Health Organization says the strength of the virus in the developing world indicates we are globally still in the first wave, rather than past it.