I think it is older than VHS, it mimics the effect created by the film irregular overexposure produced by the incidence of light through the time.

Using this as the original image:

[![original][1]][1]

You can add different layers with black and white clouds on top, screen mode, 10% opacity

[![clouds][2]][2] 

And different backgrounds with Maximum filter effect

[![maximum][3]][3]

This is an example with just seven animation frames:


[![animation][4]][4]


  [1]: https://i.sstatic.net/CHPQ4.jpg
  [2]: https://i.sstatic.net/RSVxW.jpg
  [3]: https://i.sstatic.net/9Jpt4.jpg
  [4]: https://i.sstatic.net/SyEFR.gif