The main objective of this investigation is to analyze how high levels of public debt and deficit affect the preparedness of countries to face emergencies. In particular, this study examines the relationship between level of public debt and deficit as a share of GDP and health expenditures to face preparedness of European countries in the presence of COVID-19 pandemic crisis. Empirical evidence reveals that European countries with lower COVID-19 fatality rates had average lower government gross debt and deficit as a share of GDP both in 2009 and 2019 (period before the arrival of the pandemic) compared to countries with higher fatality rates. The findings show that policies for public finance of countries having high level of public debt and deficit reduce health expenditures weakening healthcare system and increasing vulnerability of socioeconomic system in the presence of crises, such as COVID-119 pandemic.