In many, but not all situations it is easier to be trusting from a position of security. This paper addresses trust’s relationship with perceived insecurities induced by the coronavirus pandemic. Looking at social trust (trust in strangers) and institutional trust (trust in the government and in the public health-care system), we explore whether individuals’ trust is negatively or positively associated with economic fears and health fears. Using panel data from Germany for 2020, 2021, and 2022 we find in cross-sectional analysis that institutional trust–but not social trust–is strengthened by health fears and weakened by economic fears. Longitudinal analysis shows that changes in health fears–but not in economic fears–increase social and institutional trust. Our results indicate that only health fears are threatening enough to suspend the otherwise tight-knit syndrome of security and trust.