Worst case projections are ranging from 1.1 to 2.2M deaths, assuming minimal mitigation. What gets us to the well below 1M range is what we are doing today. So yes, it is a choice between financial and physical health.
And there is still no reason you've mentioned as to why we wouldn't want to mitigate the outcomes of the resulting financial downturn that doesn't include "we don't want to pay for it". Frankly, I don't buy your thought that those efforts lack effectiveness when what they've really lacked in the past is the high level wherewithal to put serious efforts into it.