Before revision:  Compared with the standard indicators, our results are much more chronologically disaggregated and up-to-date  and, therefore, can inform the current debate on the appropriate policy response to the pandemic. Unsurprisingly, we find that nations that experienced the most severe initial outbreaks also grappled with the hardest economic recessions. However, we detect diffused signs of recovery, with economic activity in most European countries returning to its pre-pandemic level by August 2020. Furthermore, we show how delaying intervention or pursuing 'herd immunity' are not successful strategies , since they increase both economic disruption and mortality.
After revision:  Compared with the standard indicators, our results are much more chronologically disaggregated and up-to-date and, therefore, can provide crucial and timely information for policy evaluation. Our results show that delaying intervention and pursuing 'herd immunity' are not successful strategies , since they increase both economic disruption and mortality.