According to the UCLA Faculty Association blog, the answer is yes:
The Regents were told last week that testing for some kind of reopening during the coronavirus crisis would cost $24 million a week. Just the 10-week quarter for courses would be $240 million, and presumably you would have to have more than 10 weeks for exams and other functions. ...
From Calmatters: ...Dr. Carrie L. Byington, a top UC medical expert, pulled the curtain back on what campus re-openings would look like; the expenses are significant and the logistics complex. She said that she predicts that both COVID-19 cases and circulation of the flu will increase in the fall. Universal testing is unfeasible, said Byington, the executive vice president of UC Health, which includes five academic medical centers, a community-based health system and 18 health professional schools. With roughly 600,000 students, faculty and staff at the UC, weekly testing would cost the system $24 million a week because each test is $40.
Absent a vaccine, I'm guessing my UC colleagues and I will be teaching online again in the Fall. Of course, if that results in declining student enrollment (especially international students), there'll be a major revenue hit. So we're screwed (if you'll pardon the vulgarity) either way.
Apropos of the vaccine qualifier, the UCLA FA also reports that:
Byington also shed light on a possible vaccine for COVID-19 in the form of a patch developed in conjunction with UC Davis. The hope is that the vaccine patch will go into clinical trials in the summer. “Not only does it give us hope for having a vaccine, but also a mechanism to deliver that vaccine that would allow millions of people to receive the vaccine in their own homes, as the vaccine could be mailed, and they could place it on themselves in their own homes,” she explained.
