However, there is significant variation for , ranging from 1 to 10, with generally larger values associated with higher-income countries.<sup>19</sup> αα Turning now to the comparison of total well-being losses from all three dimensions, Table 3 presents total loss for a range of values, including the value of 4 derived from the exercise above. The first three columns adopt a value for that is common to all countries (1, 4, and 10). The last column considers the αα calibrated country-specific presented in Appendix 2. Analysis of this sort enables a determination of αα whether the larger excess mortality in high-income than in low-income countries created a greater toll on well-being than the larger poverty impacts ( αα _CPY_ and _FPY_ ) in low-income countries.

**Table 3: Average total well-being loss by income group in life-year equivalent terms (not weighed by** **<u>population)</u>**

||**α = 1**<br>**(****_YLL_ per 100)**|**α = 4**<br>**(****_YLL_ per 100)**|**α = 10**<br>**(****_YLL_ per 100)**|**country-specific α**<br>**(****_YLL_ per 100)**|
|---|---|---|---|---|
|LICs|18.7|5.3|2.7|13.6|
|LMICs|18.3|5.8|3.2|9.2|
|UMICs|17.2|7.2|5.2|8.1|
|HICs|7.4|3.0|2.1|2.6|
|World|14.7|5.1|3.2|7.7|

_Note: Total well-being loss is measured as YLL+(CPY+FPY)/α. Country-specific_ α values are explained in Appendix 2.

Regardless of the value assumed for α in Table 3, the typical high-income country experiences the smallest total well-being loss – not unexpected as the average high-income country suffered among the lowest well-being losses from all three sources (Table 1). The distribution of pandemic costs was highly unequal globally, with high-income countries best able to weather the disruptions (relatively speaking). Total wellbeing loss for the typical high-income country would only surpass that of the typical low-income country if α were given a value larger than 17. Aggregate well-being losses among low- and middle-income countries are more similar to each other. For lower values of alpha, or for the country specific alphas (which have the lowest alpha values among low-income countries), low-income countries are the group that experienced the worst welfare losses. As alpha increases in value, the upper-middle income countries emerge as the group with the greatest welfare loss due to their relatively high mortality costs.

Finally, we conduct the same analysis by regions of the world rather than by country-income groups in Appendix Table 1. The results suggest wide variation across regions. Countries in Latin America and the Caribbean (LAC) suffered particularly high well-being losses, greater than those found in all other regions ( ). The average country in the LAC region experienced large well-being losses from all three sources, _YLL, FPY, and CPY_ . These countries typically have a substantial share of older population ∀αα, 1 ≤αα≤10 cohorts combined with relatively limited resources to treat or prevent COVID-19 infection. Additionally,

> 19 One reason for these larger values is that poor individuals in higher-income countries have higher incomes than poor individuals in lower-income countries and are therefore a greater distance away from the stipulated level of a subsistence income (see Appendix 2 for more details).

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