What is the most effective approach

In order to get the virus under control, nearly all countries do follow the same approach; let's call it extensive social distancing.

While not assessing the positive impact on this, there is a negative impact on the economy for which we do not know the consequences.

Are there really no alternative approaches? Happy to get your feedback -

E.g. how about just isolating the high risk group and all other people shall continue with their regular life- and working style.

With such an approach there would be no impact on the economy and we can focus/invest the protection on the affected target group of people.