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From the Schneier on Security blog

A new paper presents a polynomial-time quantum algorithm for solving certain hard lattice problems. This could be a big deal for post-quantum cryptographic algorithms, since many of them base their security on hard lattice problems.

A few things to note. One, this paper has not yet been peer reviewed. As this comment points out: “We had already some cases where efficient quantum algorithms for lattice problems were discovered, but they turned out not being correct or only worked for simple special cases.”

Two, this is a quantum algorithm, which means that it has not been tested. There is a wide gulf between quantum algorithms in theory and in practice. And until we can actually code and test these algorithms, we should be suspicious of their speed and complexity claims...