Xerxeskingofking
SOC-13
I'd offer a much more cynical view, and unfortunately its one that is supported in political science.
In free societies, politicians are not rewarded for preparation (which goes unseen and costs money), but are rewarded for leadership in reaction (which is broadcast to constituents leading to increased popularity, cf. Trump and New York Governor Cuomo increased approval ratings.) Consequently free societies will have a tendency to systematically underinvest in preparation.
In authoritarian regimes, events such as the pandemic are oportunities for additional justification and consolidation of power. (cf. Russia, Hungary, PRC). Consequently authoritarian regimes will have a tendency to systematically underinvest in preparation too.
Of course there will be exceptions, but delivering emergency readiness is difficult engender or sustain.
More prosaically, its harder to justify a preparation cost for a undervalued or remote seeming threat, compared to some other, more pressing spending option.
"spending money on extensive viral testing apparatus is all well and good, but how does that help us fill the potholes in our roads and get the homeless off our streets?" (to name an arbitrary example)
One important thing: this is not a flu.
We have vaccines and treatment for flu, but none of those are worth a dime for SARS-COV-2. Also death rate seems to be quite higher than it appeared at the begining (Spain is having about 10% letality).
Italy has needed over 4 weeks to stabilize situation, and Spain seems to go the same way, in both cases with severe confinement of the people.
I hate to say, but US is just begining, and you'll need several weeks of severe movement restrictions to stop it, and expect your hospitals to be overcrowded in the meanwhile.
Of course, this will be not good for economy, and economical effects will also be severe...
I think the high seeming death rate is partly due to the (relative) lack of testing available, and thus the over-representation of critical and fatal cases in the confirmed cases data. Noteably, places like Germany and Iceland, which have very extensive testing regimes, seem to have a much lower death rate than Italy, spain or the UK, and this is partly due to the higher number of non critical COVID cases they have confirmed (not saying this is the only factor, but it is one of them). I know of several people who have self-isolated with suspected COVID but their isn't the testing capability to confirm if they have it or not, so their not counted by the official count.
Here in the UK, we've been in lockdown for about a week and a half. The government is giving live broadcasts every night to update us on the situation, and one thing that keeps getting mentioned is that the approximate lag between them taking action and the results of those actions being seen is about 3 weeks, so the majority of the infected persons in hospital so far are the result of infections that happened before lockdown, and they cant really be sure how effective the lockdown has been for at least anther week or two.
as for the economic costs, yhea, its gonna suck. the UK government has accounced massive mesures to try and support the economy, but it still means they are banking a immense debt that will be need to be paid off in due coruse, although goverments can hold debt of decades if they want to (the UK took nearly 100 years to pay off its ww1 debt, so something equally long term to pay off this isn't impossible.)