This is a paper from MIT and the NY Fed based on data from the 1918 pandemic
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561560
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561560
Quote:
"Our analysis yields two main insights. First, we find that areas that were more severely affected by the 1918 Flu Pandemic see a sharp and persistent decline in real economic activity. Second, we find that early and extensive NPIs (non-pharmaceutical interventions) have no adverse effect on local economic outcomes. On the contrary, cities that intervened earlier and more aggressively experience a relative increase in real economic activity after the pandemic. Altogether, our findings suggest that pandemics can have substantial economic costs, and NPIs can have economic merits, beyond lowering mortality."
NPIs implemented in 1918 resemble many of the policies used to reduce the spread of COVID-19, including school, theater, and church closures, public gathering and funeral bans, quarantine of suspected cases, and restricted business hours.