I think it's worse than even the most severe flu. I mean 80K dead in just a few months WITH the lockdown. Here's probably the best article I've seen on severity, and infectious rate is higher for sure.

But I think we have to pull things back to the stage of current infection where contact tracing and testing in combination do start working again. That's doable. In fact, here's a good rundown of what different countries have done that worked. You can see that whether they got it right from the start (few cases at all) or after lockdown slowed the current number of actively infected to be a small enough number, the same actions seem to work consistently.

I just don't see how we don't keep going back into lockdowns, as ERs get overwhelmed in cascading waves of high infection, if we don't eventually decide to do what we should have done from the start. Let's hope we don't wind up needing all those empty field hospitals in 2nd wave. For the Spanish Flu, 2nd wave was ten times as lethal as the first wave.