Higher rate doesn;t mean anything. There were 500,000 deaths from the common flu. Currently there are 71,000 deaths from Covid 19. That's about 1/7TH. Let's say the final Covid results are the same - 500,000. Young people who have lost the jobs and still aren't working 3 months from now are going to ask why the economy was destroyed, why are they not working? Who's thinking about them? They're not going to care about old farts like me.
I'm not saying they're acting reasonable. What I'm asking is how policy makers are going to respond? Will they tell them they have to suck it up? Will they just print a lot more money and bankrupt the entire country?
Each country is taking different measures to face the health crisis and the ensuing economic crisis. EU moves at a slower pace, but something will be done to cater for the economy of the affected countries. In Portugal, where the large part of the economic structure is made of small companies, the problem is a short one - there is no money to pay salaries because there is no income. So the gov. has implemented a program of lay off, people go home temporarily and receive 2/3 of their monthly salary. Credit lines have also been opened to keep companies afloat. At the end of the day, the EU will have to come up with a concerted approach, otherwise it will be deemed as useless.
So yes, unemployment will go up, country debts will go up (Portugal's debt is 120% of GIP), but we will survive. I think it will be become clear in the coming weeks how policy makers will react, but the signs are out already. As for young people, they will survive too and adapt. Right now, I see a lot of young people who can not mourn their dead family members.
IMO, health comes first, and the economic balance will fall in naturally after that.