We do not know yet if there will be thousands or millions of death MORE than other years with other influenza or corona type of viruses. The vast majority of people dying...would have died anyway in the coming 5 years because of underlying deceases or age.
We do know that the virus spreads so fast that the Intensive Care units all over the world have insufficient beds and personnel. So that's a problem I can see. But then I still hold the opinion the world has overreacted and we can't turn that back now. This will have a huge impact on the world and I truly doubt if that's worth it. It's ok to disagree, I'm not looking to make my point or something like that.
The world cannot keep this up for months to come. It's damaging the world harder than the virus would have.
Many politicians started out with this idea, but almost all of them have capitulated when faced with reality. A week ago Donald Trump wanted to open the country up by April 12th, yesterday he was telling Americans to expect 100,000-240,000 deaths with a successful lock down and over 2 million deaths without any mitigation. The idea we can save lives or the economy is a false choice. The economy was always going to get wrecked.
Even if you want to say Italy has 10x more cases than actually reported, that is still around 1 million out of 60 million people --- about 1.6% of the population and Italy was brought to its knees. I don't see how its reasonable to think the economy could function at 20, 30, 50% infection rates. But it goes even further than that... Political leaders, military high commands, doctors, professors / scientists, business leaders are disproportionately represented in older / high risk demographics. The experience and professional knowledge lost would be a drain on the economy for years.