The real tragedy here is how fragile society has become. So many lives have been negatively effected, and all because of a flu with a realistic fatality rate of less than 1%. Even assuming the inflated rate of 2%, it's not exactly the Bubonic Plague, is it?
Yet, the entire world economy has come to standstill because the WHO/CDC issued overblown statements (just like they did with Ebola), then the media started issuing even more irresponsible statements and politicizing the issue, which started a chain reaction where the masses started demanding "action," which resulted in the governments panicking, which the media hyped up again to justify their original hype, thus creating this negative feedback loop. In the end, businesses are going bankrupt, people are getting laid off, society is "distancing" itself from each other (fighting in grocery stores over water bottles... in countries with the greatest supply of fresh water) all due to purely psychosomatic effects of mass hysteria, fostered by the media and corrupted organizations.
This whole episode will be studied by historians as a case-study of how ridiculous our entire society had become at this point in history. If all this mass-hysteria is the result of this fairly benign flu, what will happen when a real threat comes?
Sorry but that’s just wrong.
The mortality rate is ‘only’ 1-2% when caseloads are light and everyone who needs intensive care can get it.
For those infected by COVID19, up to 30% will be classed as serve, and need intensive care treatment, specifically ventilators and/or more advanced treatment.
That is both why morality rates are only around 0.1% for China outside of Hubei and why its 6% in Italy.
The key is still containment. If you can limit the spread of the virus and number of inflect to be less than the number of intensive care patients your healthcare system can handle, you can keep the morality rate really low. But if your healthcare facilities are overwhelmed, you will suffer a huge number of needless deaths, as was the case early on in Wuhan, and now in Italy.
The problem isn’t one or over-reaction as you are suggesting, but one of under-reaction by pretty much everyone except China.
Had the rest of the world taken the virus as seriously as China when it was first discovered, they could have easily out into place quarantine procedures for all international arrivals, which would have stopped the spread of the virus dead in its tracks.
It is only because most governments didn’t put in place any meaningful screening and quarantine measures when they had the chance that they are now forced to take much more drastic and costly corrective measures now that the virus has achieve breakout in their countries.
Continued failure to take action still could lead to potentially catastrophic losses. Imagine up to 80% of your population being infected and 30% of the infected dying because of a local of ventilators to keep them breathing. That’s Black Death level in terms of percentages of the population gone, much more in absolute numbers.
That is, of course a worst case scenario, but it is terrifyingly possible, especially in countries with less developed medical facilities and high population density.
If we don’t get a handle on this, and the virus turns out to be highly unstable like the common cold as seems likely given its origin and genetics, this could become a yearly occurrence, like the flu. Imagine loosing 1-2% of all flu sufferers every single year. That is not something we want to become the new normal.