The estimates of infected are much much higher than reported which means that the number of fatalities due to covid are extremely low, likely on par with the flu.
Maybe (although, I thing, the difference is at lest by the ordered of 10), but the infection rate is much higher than for flue, hence, the total number of severe cases is also much higher. So, what we are doing now is trying to prolong the epidemic: instead of everybody getting sick, collecting dead bodies (most severe cases will die because there is not enough medical equipment to support everybody at the same time) and be back to "normal" (for the bast majority of us who will survive) in a few month, we are prolonging the epidemic trying to have the same total number of infected and serious cases over longer period of time so a much larger proportion of serious cases will survive, but the epidemic will go for a year instead of 2-3 month. Maybe we will be even be able to lower the number of total infections if not everybody will get infected by next Spring and the vaccine will be ready by February.

