The problem is not so much the health risk but the overwhelming of healthcare systems and lack of supplies. This isn't a theory, we already know the outcome of not slowing down infection rates fast enough (China, Italy, etc).
That doesn't answer the question though. Ioannidis addresses the worst case scenario.
Lack of supplies, also, is made much worse by closing factories and tanking economy in general, as well as e.g. cancelling blood drives (a real case from King County), none of which are caused by the virus.
So why aren't we scrambling to build more hospitals?
Doctors and nurses is the big cap alongside equipments and rooms.
And why aren't we scrambling to get our factories making masks and other basic supplies?