Number 1... granted.
But what what about this epidemic is warranting arming yourself? Have individuals needed guns anywhere in the world in response covid-19?
Because if you don't have them someone will loot you if you are reasonably suspected of having a stash of food/medicine/anything. People are rational until the supply lines close down, and then they're not.
It's not even a matter of being unrealistic either, as this has occurred several times in history. Here's generally what happens in a pandemic:
1) Non-essentials get laid off and have no money. They start running out of supplies drastically as the weeks drag on.
2) Essentials stay open, but their people start getting sicker and sicker until there is no one really left to run the store.
3) Truckers (the people that supply the stores) eventually succumb as well creating shortages.
4) The healthcare workers, law enforcement officers, and even emergency responders get sick too.
All of that can happen in any order...
So, that leaves you with:
1) You must have supplies.
2) No one is coming to help you if it gets bad enough, you will have to protect yourself. Going to a hospital for anything but a critical need can be a death sentence as it will surely subject you to the pathogen.
3) Keep your resources on the D/L. Don't even talk about that with friends and family. This is basically "OP Sec". You don't want people to know you have guns, food, ammo, or anything else that someone will kill for if in bad enough of a situation.
And trust me, this can happen anywhere... The order of events might change at the top there, but you must presume they can occur. The longer the economy is shut down the more likely it is for it all to go down. That means, yes, leaving the economy open knowing a certain amount of population will die is better than closing it up forever until it passes over. Most people don't have the resources to survive more than a month w/o income, and as soon as food becomes a problem SHTF.
It's mostly a race between money, supply chain, and the ability of people to continue working. If money is in adequate supply the problem will be shortages from panic buying... If in low supply people will have money they can't even spend. The disease won't spare people who are important either, so eventually you have month gaps where all employees are exposed to something and they can't work without endangering others. It can take up to two weeks for CV-19 to show up on a test, even using the newer quick tests -- just takes that long sometimes for the virus to manifest.