What does "batten down the hatches" mean? Austerity with a human face?
No, it means "get ready for hard times." Inform the public that things are going to be very tough indeed for a few months or a year, but that the end result will be worth it. Basically shift to a wartime economy.
That would be a very hard sell, obviously, but by no means impossible. Many nations have successfully come through much worse.