That is a reasonable line of thought, but incomplete. How many lives are we risking by tanking the global economy? That seems like it should be a more quantifiable risk. It becomes a trade-off between the amount of lives we can calculate will be lost via our pandemic-prevention measures (and to what degree of certainty) and the number that might be lost without them (and to what degree of certainty).
The trade-off is between loss of lives one way versus loss of lives another way.