> Seeing that doing nothing will likely lead to lead to millions of deaths, how would the lockdown possibly kill more than that?

The lockdown is wasting months to years of billions of people's lives. That has to be equivalent to some number of deaths, hard to quantify how many, but it's greater than zero.

Also, a bad economy literally kills people by starvation albeit in foreign, poor countries that don't have food surpluses or the ability to print USD.