The death rate might only be a few percent but in combination with being more contagious, that could be significant. The greater the number of people who have it at any given time, the less medical attention they get (the poor ones anyway). So yeah, compare corona virus to the flu, but compare it to the spanish flu that was somewhat more contagious and a little more deadly than the normal flu (2-3% mortality, roughly 30 mil dead)
the population today is both more dense and much less mobile than 100 years ago - smaller cities back then and people travelled by train, boat and carriage!
But we have better access to information
Which may mean we can avoid having lots more deaths than the spanish flu, but only by taking precautions that smash the economy
ah, who knows?
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