Abstract
In this article, we statistically examine the effectiveness of non‐pharmaceutical interventions (NPIs) implemented by the national governments of Greece and Cyprus during 2020 to (a) limit the spread of the SARS‐CoV‐2 virus, and (b) mitigate the economic fallout brought about by the Covid‐19 pandemic. Applying a modified health belief model, we hypothesize that behavioral outcomes at the policy level are a function of NPIs, perceived severity, and social context. We employ a Prais‐Winsten estimation in 2‐week averages and report panel‐corrected standard errors to find that NPIs have clear, yet differential, effects on public health and the economy in terms of statistical significance and time lags. The study provides a critical framework to inform future interventions during emerging pandemics.