The really thorny issues is that erring on the side of caution over the disease impact means that we are avoiding COVID cases at the expense of millions of undiagnosed / later-diagnosed cancer cases, and many other diseases.

That’s just a piece of the all cause mortality due to the COVID response.

And then after accepting all that direct cost, then you can start evaluating the economic damage on top (which to some extent is unavoidable regardless of lockdown policy).