The Present Value of Human Lives Lost Due to COVID-۱۹ in the United Kingdom

Introduction: Approximately ۴۳۹۰۶ human lives were lost to COVID-۱۹ by July ۲, ۲۰۲۰, in the United Kingdom (UK). This study estimated the total present value of human lives lost due to COVID-۱۹ in the UK as of July ۲, ۲۰۲۰. Background: The ongoing global COVID-۱۹ pandemic has disrupted external trade and negatively impacted on all the socioeconomic sectors in the UK. Objectives: The objective of this study was to estimate the total present value of human lives lost due to COVID-۱۹ n the UK as of July ۲, ۲۰۲۰. Methods: The human capital approach was employed to value human lives lost into money, assuming a ۳% discount rate and an average life expectancy of ۸۱.۸ years in the UK. The economic model was re-estimated using (a) ۵% and ۱۰% discount rates, and (b) the average world life expectancy of ۷۲ years, and (c) the world’s highest life expectancy of ۸۸.۱ years to test the robustness of the total present value of human lives lost.  Results: The human lives lost had a total present value of the international dollar (Int) of ۹۸۸۳۴۲۶۲۲۶ and an average present value per human life of Int ۲۲۵۱۰۴. Approximately ۷۶.۲% of the total present value was sustained by those aged ۳۰ and ۷۹ years. Re-estimation of the model with discount rates of ۵% and ۱۰% instead of ۳% reduced the total present value by Int ۱۱۵۸۴۲۴۵۷۰ (۱۱.۷%), and Int ۳۰۵۸۷۲۴۲۵۷ (۳۱.۰%), respectively. Conclusion: The average present value per human life was almost five-fold the UK’s GDP per person in ۲۰۲۰. The presented evidence could be used to advocate for increased investments into the British National Health Service and other health-related systems to optimize Universal Health Coverage, International Health Regulations capacities, and secondary education coverage to better mitigate economic and human suffering during future pandemics.

Keywords:

Coronavirus , COVID-۱۹ , Gross domestic product , Value of human life , The United Kingdom