The extreme scarcity of material resources related to survival needs often hurts wellbeing. This occurred during COVID-19 outbreaks when the shortage of face masks and other personal protective equipment intensified the threat. Under this context, we proposed and tested a new model of how better sleep and greater hope may predict less worries, preserving quality of life and wellbeing. Participants aged 18 years or above were recruited from the community in Hong Kong. There were 1,091 online survey responses collected near the beginning of the COVID-19 pandemic. Individuals with greater hope or better sleep quality worried less and had better wellbeing, even after accounting for the effects of mask-stock. Moreover, hope and sleep quality have a significantly multiplicative effect to produce superior quality of life and psychological wellbeing, despite a shortage of personal protective equipment. Furthermore, sleep quality, but not mask-stock, predicted flourishing. Our findings underscore the importance of raising awareness of sleep health. During crises, a supply of material resources is critical; yet, boosting hope and promoting sleep quality also support quality of life and flourishing.