This paper analyzes the implications of different designs of policies, which aim to

contain the diffusion of the SARS-CoV-2 virus, with respect to induced economic loss

and virus mortality. An agent-based simulation model is implemented and calibrated

with German data, which combines the representation of a simple multi-sectoral closed

economy with the explicit incorporation of virus transmission channels at the workplace,

during shopping activities and other social contacts. It is demonstrated that

under a policy resembling German containment measures the model closely reproduces

the dynamics of pandemic and economic variables in the aftermath of the COVID-19

outbreak in Germany. Exploring alternative policy designs shows that any efficient

policy should impose a low threshold of newly infected for moving from the lock-down

to the opening-up stage and in the opening-up stage all restrictions on economic activity

should be lifted. With respect to the reduction of consumption activities during

the lock-down a trade-off between the induced GDP loss and the resulting mortality

emerges. Regardless of the chosen design of the containment measures, the introduction

of complementary economic support measures substantially reduces the induced

GDP loss and leads to a reduction of the public debt accumulated during the considered

time interval. The efficient design of containment policies changes substantially

if lifting economic restrictions during the opening-up stage also results in reduced

effectiveness of the individual prevention measures by agents.