Lockdown Opportunity Cost and the Statistical Value of a Life Saved

I’m currently watching an acquaintance doing the Tour of Aotearoa on bicycle (https://vicsefton.wordpress.com/). It’s a four week unsupported cycle from Cape Reinga down to Bluff.

I tried it last year, but got into mechanical difficulties north of Auckland at exactly the time the government decided to put Auckland into lock down in March 2021. All retail shopping were closed, and it wasn’t possible to get repairs to my bike. There was no “traffic light” system back then: lockdown was a binary choice of everyone open or everyone closed.

I ended up pulling out, and now I’m wondering when I’ll have both the time and the financial means to have another go, not to mention the effort of getting my fitness back to that level (easier on the 40 side of 50 than on the 50 side of 50…). I’m hoping next year.

But all of that goes to answer what’s been the opportunity cost of the government’s COVID-19 response, and what have been its benefits. The government would point to the benefits of very few deaths, but I would point to the costs of lost experiences and dreams and the fundamentals of living.

The aggregate opportunity costs to the team of 5 million must have been huge. The statistical value of a life saved is $4.42 million (https://www.transport.govt.nz//assets/Uploads/Social-Cost-of-Road-Crashes-and-Injuries-2020_final.pdf page 3).

Was it worth it?

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