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Photo: John Moore/Getty Images

The ongoing opioid crisis cost $696 billion in 2018 and more than $2.5 trillion between 2015 and 2018, according to a new estimate by the White House Council of Economic Advisers.

Why it matters: Much of this cost is attributable to lives lost to opioids, but a good amount of it is borne by state and federal governments — and thus taxpayers. Meanwhile, opioid litigation settlement talks are homing in on payouts nowhere near this amount.

For context: $696 billion was 3.4% of GDP last year — an astronomical amount.

  • The estimate is much higher than a recent report by the Society of Actuaries because of the way CEA calculated the value of a life.
  • It also includes health care and substance abuse treatment costs, criminal justice costs and reduced productivity costs.
  • "Under CEA’s calculation, the majority of the costs are 'paid' by those who lost their lives," special advisor Jared Meyer said.

The big picture: The drug manufacturers and distributors being sued by thousands of communities struck a deal last week with the plaintiffs that kept the first federal opioids trial from beginning as scheduled. But a larger deal to settle all of the pending lawsuits has yet to be reached.

  • Some state attorneys general have announced a settlement framework worth $48 billion, but nothing is final.
  • Congress gave $6 billion in new opioid funding in 2018 and 2019, per CEA.

What they're saying: Andrew Kolodny of Brandeis University said that at least some of the plaintiffs have the resources to pay much more to help addressing the epidemic they've been accused of creating.

  • "The distributors and Johnson & Johnson have extremely deep pockets," he added. “Considering the cost of the mess they created and the estimate that comes from the White House Counsel of Economic Advisors, $48 billion is way too little.”

The bottom line: "We’re all paying for this," Kolodny said. "We’re paying an enormous price, both in terms of economic and human costs.”

Go deeper

Cyberattack forces shutdown of major U.S. fuel pipeline

A police officer stands guard inside the gate to the Colonial Pipeline Co. Pelham junction and tank farm in Pelham, Alabama, in 2016. Photo: Luke Sharrett/Bloomberg via Getty Images

A major U.S. fuel pipeline running from Texas to New York has been taken offline by its operator because of an apparent cyberattack.

The big picture: Colonial Pipeline "carries 45 percent of the East Coast’s fuel supplies," the N.Y. Times reports.

Bryan Walsh, author of Future
2 hours ago - Health

The end of quarantine

Illustration: Annelise Capossela/Axios

Long quarantines were a necessary tool to slow the COVID-19 pandemic during its first phases, but better and faster tests — plus vaccines — mean they can be scaled back considerably.

Why it matters: Quick tests and regular surveillance methods that identify who is actually infectious can take the place of the two-week or longer isolation periods that have been common for travelers and people who might have been exposed to the virus, speeding the safe reopening of schools and workplaces.

Amazon rollups are the hottest deals

Illustration: Aïda Amer/Axios

A new generation of companies is forming to scoop up Amazon marketplace sellers — and venture capital firms are writing big checks to support the effort.

Why it matters: These e-commerce aggregators are all about data and using it to optimize and turbocharge sales, which means they’re using Amazon’s own playbook.