Considering most economies are losing ~£100/person/day by having everything shut, the cost is fairly irrelevant.
Yes it has, most recently in 2009. From Wikipedia:
“ Well known outbreaks of H1N1 strains in humans include the 2009 swine flu pandemic, as well as the Spanish flu.”
The “Spanish flu” is the name of the 1918 outbreak of H1N1. There was also a major H1N1 outbreak in 2009.