Health and Economic Costs of Early, Delayed and No Suppression of COVID-19: The Case of Australia

We compare the health and economic costs of early (actual), delayed and no suppression of COVID-19 infections in 2020 in Australia. Using a fit-for-purpose compartment model that we fitted from recorded data, a value of a statistical life year (VSLY) and an age-adjusted value of statistical life (A-VSL), we find: (1) the economic costs of no suppression are multiples more than for early suppression; (2) VSLY welfare losses of fatalities equivalent to GDP losses mean that for early suppression to not to be the preferred strategy requires that Australians prefer more than 12,500–30,000 deaths to the economy costs of early suppression, depending on the fatality rate; and (3) early rather than delayed suppression imposes much lower economy and health costs. We conclude that in high-income countries, like Australia, a ‘go early, go hard’ strategy to suppress COVID-19 results in the lowest estimated public health and economy costs.