<p>The COVID-19 pandemic was accompanied by increasing concerns about its impact on our mental health. Especially older adults were thought to be extra vulnerable to the negative consequences of the pandemic. This was quickly validated by early studies showing increasing levels of mental distress during the first stages of the pandemic. Despite the challenges posed by the pandemic, several studies also found that older adults tend to be more resilient to its negative effects compared to younger age groups. These studies, however, lack in pre-pandemic controls as well as representativity for the older population. Furthermore, they are solely focused on the short-term impact. This study addresses these gaps by covering an observation period from 2019 until 2022, using cross-national representative data from the Survey of Health, Ageing and Retirement in Europe (SHARE). The random-effects models demonstrate that older individuals indeed show lower levels of depressive symptoms and sleeping problems during the pandemic, but this was only temporary. Measures of loneliness show a steady incline, that reaches its top during the last stages of the pandemic. In sum, this study warns for unjustified optimism about the mental resilience of older adults and advocates for continued efforts into maintaining and improving the mental health of older Europeans to alter these pessimistic long-term trends.</p>