I read somewhere that people can safely be exposed to 85dB (A-weighted, slow response, accurate readings for human hearing) for a total of 8 hours per-day without a risk of permenant hearing loss. For every additional 3 decibels, the time is halved.
This is the part to understand about decibels. They aren't a linear scale like 1-10. Every 3 decibel increase is considered a DOUBLING in volume/amplitude.
So at 88 decibels you have a max exposure of 4 hours. 91=2 hours, 94=1 hour, 97=0.5 hours, 100=15 minutes, 103=7.5 minutes (you get the idea here).
Most large concerts will go up to and beyond 100 decibels. A hit snare drum will go to 120dB, a pro golf swing driving down the fairway can hit 140dB. Most drummers lose hearing in their left ear from the hi hat (right handed drummers).
It was explained to me a long time ago by one of the sound guys from Rush is that the damage thats caused by the concert (or listening to loud music in general) has a cumulative effect, and it is permanent. Whats happened is the tiny hairs in your cochlea have been smashed down and the buzzing/ ringing is caused by those hairs misfiring signals to your brain. It may even out and your ears will adjust, but make no mistake, the loss is permanent.
Most people do very little to protect their hearing. Good earplugs are essential, as they help dampen the highs and condense the sound, but even they aren't foolproof. If you really want protection those protective ear muffs are the best. Those cheap orange things from a hardware store are only designed to protect against loud, infrequent sounds, like a hammer. They do very little with sustained sounds. Even if you don't noticeably hear ringing or buzzing, there still is damage done. If you don't want to wear the big headphone type, a good pair of plugs can really help protect your hearing.
I'm 50, and I can remember when I was a teen anyone who wore earplugs to a concert was a pussy. I saw Sabbath from the front row once, and my ears literally buzzed whenever anyone spoke for almost ten days afterward. Scared the hell out of me. But I know, my ears are shit now. Dozens of concerts with no ear protection, the crowd noise playing ball in college, blasting music from headphones on full volume, riding in the car with "kick ass" sound systems cranked to the max. Crazy damage I'm sure.
Now, I wont be caught dead at a concert without good, snug earplugs. But I still crank up the tunes in my cars, unless my wifes with me.
As to your question, it will probably even out over time, but any damage done will be permanent and cumulative. But don't despair too much, as we age naturally we lose frequencies several times.
I saw a Brain Games show recently (or whatever its called), where they proved that at certain ages, we just dont hear certain frequencies any more. It was pretty wild.