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(1) Background: Current COVID-19 research has mainly focused on negative outcomes associated with fear of the pandemic with the examination of potentially positive outcomes remaining underexplored. Based on the dual-factor model of mental health, which postulates positive and negative dimensions, we assessed the influence of COVID-19 fear on both negative and positive mental health outcomes and examined the mediational role of coping strategies. (2) Methods: A convenience sample of 231 respondents participated in an online survey reporting on measures of pandemic fear (SFS), distress (HADS), post-traumatic growth (PTGI) and individual differences in terms of coping strategies (CSI-SF). (3) Results: Respondents’ main concerns related with the pandemic highlighted the interpersonal and social dimensions implicated in fear of COVID-19. As expected, fear of the pandemic was associated not just with negative but also positive outcomes, while different coping strategies played a role in determining such effects. More specifically, disengagement coping mediated the effects of fear on anxiety and depression, whereas engagement coping was the only mediator of the relationship between COVID-19 fear and post-traumatic growth. (4) Conclusions: Approaches to promote psychological wellbeing in the context of the COVID-19 pandemic should on the one hand be sensitive to the needs of the more vulnerable population groups, while on the other leverage existing resources to harness the potential for growth. Strengthening engagement coping in the context of fears triggered by the pandemic may constitute a valuable target to protect against negative and optimize positive mental health outcomes in the general population.

Understanding the factors through which pandemic fear may be associated not just with distress, but also with growth outcomes is crucial to informing interventions across population groups and cultural settings. To achieve this aim, in a cross-sectional study, we examined the relationship between the fear of COVID-19, post-traumatic stress and post-traumatic growth while assessing the moderating role of trait resilience. Findings showed that fear of COVID-19 was associated with both stress and growth outcomes and that resilience was a significant moderator of these effects. Specifically, trait resilience acted as a buffer against post-traumatic stress and as a booster factor for appreciation for life. Given the imbalance between needs and resources in times of global pandemic, interventions promoting psychological wellbeing should leverage existing resources and consider psychological resilience as a valuable target to protect against negative and optimise positive outcomes.