A study from the C-D Howe Institute estimates a six-month delay in the rollout of COVID-19 vaccines in Canada would have led to a loss of 156-billion dollars in economic activity last year.
That would be equal about 12-and-a-half per cent of Canada's gross domestic product.
Rosalie Wyonch, a senior policy analyst and author of the report, says vaccines were effective at reducing the number of cases, hospitalizations and deaths.
She says there were also much larger benefits on the broader economy.
Vaccine procurement and administration costs were about 3-point-7 billion dollars.
The report says the direct savings from averting COVID-19 cases and hospitalizations were up to 5-point-8 billion dollars.
The statistical value of preventing deaths is about 27-point-6 billion dollars, which dwarfs the costs of the vaccines.
Wyonch says there are a lot of lessons for policy makers around the speed of procurement and distribution, as well as how not to waste doses.