This is a really good article. Here’s the money quote, the rest of the article explains how the author investigated the problem and their best guess as to what the numbers really were.

> Both newspapers and scientific journals frequently state three facts about the Spanish flu: It infected 500 million people (nearly one-third of the world population at the time); it killed between 50 and 100 million people; and it had a case fatality rate of 2.5 percent. This is not mathematically possible. ... If the Spanish flu infected 500 million and killed 50 to 100 million, the global CFR was 10 to 20 percent. If the fatality rate was in fact 2.5 percent, and if 500 million were infected, then the death toll was 12.5 million. There were 1.8 billion people in 1918. To make 50 million deaths compatible with a 2.5 percent CFR would require at least two billion infections—more than the number of people that existed at the time.