Damage Averted: Estimating the Effects of COVID-19 Vaccines on Hospitalizations, Mortality and Costs in Canada

ABSTRACT

[...]vaccination allowed for a reduction in many preventative public health measures that disrupted the social and economic lives of Canadians. [...]vaccine procurement and administration costs were some $3.7 billion, while the direct savings associated with averted cases and hospitalizations were an estimated $3.3 billion to $5.8 billion, resulting in a net cost-benefit estimate of-$0.4 billion to $2.1 billion, without considering the benefits of saved lives. While comprehensive analysis of the indirect effects of vaccination is beyond the scope of this study, we model the macroeconomic effect of delayed access to vaccines with different lockdown strategies (uniform or differentiated by age group). While this study does not include these indirect effects in the cost-benefit analysis of the public health impact of vaccinations on the broader economy, they represent large and significant positive impacts.