I heard on the radio the other night that the UK will have lost £300Bn through the lockdown. Without the lockdown, it was predicted that about half a million people would die of Covid-19. So that means we have spent £600,000 to save each life, or about £5000 per head of population. Maybe the outbreak would have killed more than half a million through excess deaths. The amount the NHS is prepared to spend for one QALY (Quality Adjusted Life Year) seems to range from £20,000 to £30,000 (
link). So if that half million people had an average life expectancy of 20 more years, then economically the lockdown was justified. I saw an American
link that estimated the worth of a QALY as between $50,000 to $150,000. In that case an average extra life expectancy of ten years would be economically justifiable. Personally, I still think the lockdown was justified, but I can also see why the government would want to avoid it if the the virus could have been controlled in any other way.