The West is still mostly in the denial phase, so nothing is really being done, yet. As such, the effect is ongoing. The Flynn Effect (and its reversal) are measured in impact per decade. And numbers that seem small at first aren't necessarily so. For instance a 3 point decline per decade doesn't initially seem like much until you consider that IQ generally has an artificial mean of 100 with a standard deviation of 15. So 3 points per decade is 20% of a standard deviation per decade! That's enormous.

In the past an IQ of 85 was considered mentally retarded. This was changed in 70s to make normal intelligence 'more inclusive.' That's another way of stating that 85 is still the best threshold for mental retardation. So a reverse Flynn Effect of 3 points/decade means you're talking about going from perfectly average to mentally retarded in 5 decades.

And for many things, the effect will not be linear. If we take a test there's likely to be an exponential pattern where somebody of a certain IQ will get an answer correct e.g. 99% of the time, somebody a bit below 80%, somebody a bit below that 40%, and then somebody a bit below that will basically never get it correct beyond the point of statistical noise. Pair that with likely increased variance when looking at individual and relatively small societies, and it's fairly easy to imagine sharp swings being completely viable.