Statistically a disease reaches herd immunity if everyone except 1 / R0 are infected.
For a disease with R0 of 3 (such as covid) this would be 66%. To explain: If two out of three are immune then a disease which usually infects three people will run out of steam.
Isn't this why there is a 1918-related flu outbreak every generation and why bubonic plauge used to recurved every generation because there aren't immune?
What about people born after that point? As immune people die over time from other causes, and as people are born without immunity, the percent of the population with immunity from having had it falls.
I think the idea is that once there is herd immunity, the virus has no way to propagate and ends up disappearing w/o vectors. However, that would require global immunity.