Munich Personal RePEc Archive

Global Mortality Benefits of COVID-19 Action

Yoo, Sunbin and Managi, Shusuke (2020): Global Mortality Benefits of COVID-19 Action. Published in: Technological Forecasting & Social Change No. 160 (November 2020)

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Abstract

The rapid spread of COVID-19 motivated countries worldwide to mitigate mortality through actions including social distancing, home quarantine, school closures, and case isolation. We estimate the global mortality benefits of these actions. We use county-level data on COVID-19 from January 2020, project the number of mortalities until September 2020, and calculate the global mortality benefits using the age- and country-specific value of a statistical life (VSL). Implementing all four types of actions above would save approximately 40.76 trillion USD globally, with social distancing accounting for 55% of the benefits. The monetary benefit would be the largest in the US, Japan and China. Our findings indicate that global actions during COVID-19 have substantial economic benefits and must be implemented in response to COVID-19.

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