In a couple weeks/months they'll start testing people to find out if they did have the virus. The tests right now only show if you currently have it. Once the real numbers come out I am confident it will be a massive over estimate for the CFR.
The fear bubble is causing people to underlook the data in places like SK, SG, Japan, Germany and overlook the data in Italy, China, Iran. It could be quite possible that a mixture of smoking, age, over reporting causes, and bad healthcare (gasp not in Italy where socialized medicine is world beating) is being overlooked.
So what we get now is stopping of society and the economy, millions of people will go through displacement and a host of negative things. People's savings will be depleted, not to mention teacher's/public servants/ pension and 401ks will take a MASSIVE hit. Oh and add to that more trillions of USD to the debt.