According to this article (https://www.businessinsider.com/coronavirus-death-age-older-...) an 80 year old has a 15% chance of dying. Is that actually "extremely bad" though? I think if 80 year old grandma got cancer and the doctors told you there was a 85% chance she'd recover, you might well breath a sigh of relief. For somebody that old, there are much worse mortality rates than that. Breaking your hip is more deadly than getting the coronavirus for people that old[0].
Rather the legitimate concern is due to how rapidly the disease is spreading. 15% is enough to kill TONS of people when you scale it up to the whole population. It's a high mortality rate considering the scope of the pandemic, but a relatively low mortality rate for the individual.
[0] "The risk of death in the year following a fracture is about 20% in older people." https://en.wikipedia.org/wiki/Hip_fracture