In hindsight it may well be that the actuarial math didn't make sense - this isn't the first disease humanity has faced by a long stretch and we're potentially looking at severe self inflicted wounds for something that doesn't look like it is going to be the next Black Death or Ebola. The obvious historical precedent I remember is 9/11. Making any changes after 9/11 was a mistake the US never really recovered from. This would be a great moment to be a little hard-hearted and remember that everyone has to die of something.
We don't know what is going to happen from this economically. The economic forecasts are as flimsy and there is a lot of room for unpleasant surprises.