As more are vaccinated, it makes economic sense to gradually open the economy, study fi... - 1 views
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A University of New Mexico research team conducted a data analysis that has found that as a larger portion of the population gets vaccinated against COVID-19, it becomes economically advantageous to start relaxing social distancing measures and open businesses.
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The study looked at data from four metropolitan statistical areas (MSAs) within the United States: Seattle, New York City, Los Angeles and Houston from January 21 to July 8, 2020. The four cities were chosen because they have had divergent trends with the virus (Seattle and New York City were early hotspots, while Los Angeles and Houston peaked in the summer).
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"Our work is quantitative, so it can hopefully offer some evidence that shows the vaccines are going to allow us to loosen social distancing measures, including opening businesses," he said. "It provides a measure of hope as we go forward and increase the percentage of citizens who are vaccinated."
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Sorrentino said the study defined economic impact by the extent that a city's economy was closed -- businesses like restaurants, gyms, salons and airports that would lose business without people's physical presence.
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The study took into account both the costs associated with quarantining (which requires supervision costs as well as costs due to lowered productivity) as well as social distancing (which incurs costs only due to productivity).
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"But our model shows that even before we achieve herd immunity, we can relax social distancing compared to the situation prior to immunization."
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The analysis looked at Seattle, beginning on December 14, 2020, when the vaccine was first being administered. Even with this limited data, the effect of vaccinations was dramatic, impacting the so-called "optimal control solution."
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While the optimal interventions would vary depending on a number of factors, we always saw that a gradual relaxation of social distancing was possible after roughly 10% of the population got vaccinated," he said.
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After just 20 days, the trend was becoming clear when comparing with the case in which the effects of vaccinations were not incorporated in the model.
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Sorrentino emphasizes also that everyone should continue to follow the current policy and health guidelines, and that the relaxing of social distancing should adhere to these guidelines and be gradual. And of course, that guidance may change, based on the rates of spread of the virus and the variants.