This isn't meant to be a discussion on the morality of the embargo, but the affects of the embargo ending for both countries. These affects can be political, economic, or social.
Same thing that would happen if sanctions on Afghanistan were lifted. Regular people's lives would improve as the country could import what they need. Cuba is really lacking in cement and medical supplies for example iirc (though their medical system and education is world-class), and they can't import them cuz of the embargo.
Obviously not much would change in the US, aside from some people realizing socialism isn't too bad when you're not a tiny country sanctioned and blockaded by the most war-mongering nation in the world.
Vietnam was embargoed until the 90s, and dropping it basically allowed the soft power of the US to do it's thing. 'Nam isn't really an ally of the US, they consider themselves neutral, but they're undeniably very friendly. I suspect that a generation of trade and tourism could do the same to our relationship with Cuba and might result in softening attitudes among Cuban-Americans as they reestablish contact with their families and reconcile lingering animosity from the revolution.
I think this would also work for the DPRK, Iran, and others. Trade is really nice and children are rarely willing to carry the grudges of their parents.
I have no idea, but I'd be stocking up on cigars like a motherfuck. Trump putting the kibosh on bringing Cuban cigars back into the US still chaps my ass.
Mass medical tourism and the collapse of the corporativist medical industry in the US.
realisticly, i dont think much outside of trade restrictions to cuba would help them. politically on the states side whichever party removes it loses a lot of Cuban voters who migrated to Florida who are in the camp of not liking Cuba. can potentially turn the state the other parties color goven how swingstatey Florida is on its own.
Florida has already gone pretty Republican, so I don't imagine that changing.
Significant improvement in the quality of life of Cubans. Probably also increase US tourism to Cuba. Not sure if it would have any real impact on the average US citizen.
Some have mentioned medical tourism. Could an industry grow around that? Would American insurance programs start covering work done in Cuba?
How many sporting events might take advantage of the Key West-Havana corridor?