DECEMBER 15: Cases of the heavily mutated variant have been confirmed in 77 countries.
But at a press conference, WHO chief Tedros Adhanom Ghebreyesus said it was probably in many others that had yet to detect it.
Dr Tedros said he was concerned that not enough was being done to tackle the variant.
"Surely, we have learned by now that we underestimate this virus at our peril. Even if Omicron does cause less severe disease, the sheer number of cases could once again overwhelm unprepared health systems," he said.
The Omicron variant was first identified in South Africa in November, and the country has since seen a surge in infections. President Cyril Ramaphosa has tested positive for Covid-19, and is currently isolating with mild symptoms.
A number of countries have introduced travel bans affecting South Africa and its neighbours following the emergence of Omicron, but this has failed to stop it from spreading around the world.
In the press conference on Tuesday, Dr Tedros reiterated concerns about vaccine inequity, as some countries accelerate rollouts of a booster shot in response to Omicron.
Recent studies of the Pfizer/BioNTech vaccine showed it produced far fewer neutralising antibodies against Omicron than against the original strain, but that this deficit could be reversed by a third, booster, jab.
Dr Tedros said boosters "could play an important role" in curbing the spread of Covid-19, but that it was "a question of prioritisation".
"The order matters. Giving boosters to groups at low risk of severe disease or death simply endangers the lives of those at high risk who are still waiting for their primary doses because of supply constraints," he said.
Supplies to the global vaccine-sharing programme Covax have increased in recent months. But world health officials fear a repeat of a shortfall of tens of millions of doses which occurred in the middle of this year, partly as a result of India suspending exports during a surge in cases there.
In poorer countries, some vulnerable people are yet to receive a single dose.