That is the value of an "average" life. But the average age of death from covid is over 75, so the actual economic cost would be much less (which is accounted for when using https://en.wikipedia.org/wiki/Quality-adjusted_life_year, the standard way of measuring these things).
https://astralcodexten.substack.com/p/lockdown-effectiveness...
I take issue with this.
The average age in the UK of death was 83 I think, compared to an average life expectancy of 82. Most had more than one comorbidity. Do we really expected these people to live until 90?
In addition to this a lot of the early deaths were in care homes were the residents aren't expected to live 8 years (less than 3 years from a very quick search). That would mean that non care home residents would need to average an ever higher amount of life for that to be true.
Sorry, that seems kind of ridiculous.
Throw in the youngers and it is clear enough the math should work out fine.
The expected life expectancy you give isn't for people with an average of two comorbidities.