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The great lockdown: was it worth it? CEPS Policy Insights No 2020-11 / May 2020

Gros, Daniel (2020) The great lockdown: was it worth it? CEPS Policy Insights No 2020-11 / May 2020. [Policy Paper]

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    What the IMF calls the ‘great lockdown’ has thrown Europe and the global economy into a deep recession. When putting their countries into lockdown, governments essentially pushed the panic button, mostly in the face of rising fatalities. Was this the right choice? The answer to this question is usually framed in terms of the lives saved versus jobs lost. However, a closer look at the actual expenses for medical care that the pandemic has engendered so far and a bottomup calculation for hospitalisation costs suggests that the economic costs of the great lockdown, while very large, might still be lower than the medical costs that an unchecked spread of the virus would have caused. There might thus be no need to assign an economic value to the lives saved to come to the conclusion that an

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > public health policy (including global activities)
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Insights
    Depositing User: Daniel Pennell
    Official EU Document: No
    Language: English
    Date Deposited: 08 May 2020 16:14
    Number of Pages: 11
    Last Modified: 08 May 2020 16:14

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