Conclusion: Our study shows that all-cause mortality was largely unchanged during the epidemic as compared to the previous four years in Norway and Sweden, two countries which employed very different strategies against the epidemic. Excess mortality from Covid-19 may be less pronounced than previously perceived in Sweden, and mortality displacement might explain part of the observed findings. We hope that these findings can pave the way for a less polarized and more open-minded discussion about pros and cons with less compared with more drastic measures against the Covid-19 epidemic.