<p>The Covid-19 pandemic had important consequences on stress and wellbeing among different populations. One important finding was that the impact of the pandemic on subjective well-being varied across population groups. Given that the negative effects differed by group, the question arises as to whether the recovery process also differs. This paper examines short and long-term consequences for stress and depression levels and assesses whether these levels returned thanks or failed to return thanks to their pre-pandemic baselines. Using data from the Swiss Household Panel, this study compares differences in stress and depression levels before, during, and after the pandemic. The results show that social relationships play an important role in stress and depression recovery. The findings also indicate that the self-employed in Switzerland experienced a particularly rapid return to pre-pandemic baseline levels. The results highlight the importance of carefully disaggregating short- and long-term consequences and mitigating factors.</p>