What is the potential impact of vaccination programs and different fiscal adjust- ment scenarios on countries after suffering the macro-fiscal effects of the pandemic? We calibrate a DSGE model with an epidemiological module for the average Latin American and Caribbean economy that uses fiscal policy and vaccination to contain these  effects.   We  find  that  there  is  a  trade-off  in  the  application  of  one  of  these policies.  Focusing on vaccination has a high return in saving lives and improving economic  growth  but  a  lower  fiscal  adjustment.   We  conclude  that  simultaneous vaccination and fiscal reform is a successful policy combination that helps countries mitigate the health effects of the pandemic, reduce the economic cost of fiscal policy, and move toward a path of fiscal consolidation.