What happens if there is a second lockdown?

What would happen if a resurgence of the COVID pandemic led to a second lockdown in Europe and the United States? We can only imagine that: Equity markets would collapse; Bankruptcies would soar among companies that have already been weakened ; Fiscal deficits would increase further and again be monetised by the central banks. There would then be a further risk beyond that of the first lockdown: that the immense scale of the money creation would rapidly lead to flight from money and to a major crisis of confidence in public currencies. Also, the second crisis would of course hit companies that are already weakened, whereas the first hit companies that were in good health at the time.