The end of the pandemic requires that SARS-CoV-2 vaccines be used. However, vaccination itself can lead to temporary adverse health effects and/or long-term damage. Vaccination initially represents a private good demanded by an individual cost-benefit calculus; however, it also creates positive externalities and thus too few individual incentives to vaccinate. Getting vaccinated is not a dominant rational strategy, neither in the overall population, nor among the old and the young, nor when the long-term costs of the pandemic are taken into account. It is all the more important to “price in” the long-term consequences of a lasting pandemic.