Should the COVID-19 lockdown be relaxed or intensified in case a vaccine becomes available?

Abstract

Immediately after the start of the COVID-19 pandemic in Early 2020, most affected countries reacted with strict lockdown to limit the spread of the virus. Since that time, the measures were adapted on a short time basis according to certain numbers (i.e., number of infected, utilization of intensive care units). Implementing a long-term optimal strategy was not possible since a forecast when R&D will succeed in developing an effective vaccination was not available. Our paper closes this gap by assuming a stochastic arrival rate of the COVID-19 vaccine with the corresponding change in the optimal policy regarding the accompanying optimal lockdown measures. The first finding is that the lockdown should be intensified after the vaccine approval if the pace of the vaccination campaign is rather slow. Secondly, the anticipation of the vaccination arrival also leads to a stricter lockdown in the period without vaccination. For both findings, an intuitive explanation is offered.