I doubt Iceland is completely the norm. But I also strongly believe death rates whose denominator consists of tested cases is not normal or valid in any way. Look at it this way: If one half of people are asymptomatic, and only people with symptoms can take tests, then our 1.5% death rate is down to 0.75%.
Nothing like 5%!
Not wishing to debate your numbers, and using your numbers, it still is far more serious than the typical .001% death rate in flu season. Even with this small percent, compared to the average flu, YOUR number suggest the following:
Normal flu (.001%)-Out of 10,000 people 10 will die.
Covir-19 (.0075%)-Out of 10,000 people 75 will die. (Over a seven times increase.)
We don't have good numbers but we just went through a very bad flu season earlier this winter season and no one talked about shutting anything down. Have a friend who was on a cruise that everyone (literally) on board got sick (not with Covir-19). Yet they were allowed to disembark.
Now we see whole countries are shutting down their workforce including places like Russia and China. This isn't the action of someone trying to get Trump out of office. Nor is this an overreaction. Seeing how this all started from Wuhan, China where they make bioterrorist weapons, and Italy flew in a number of Wuhan citizens to work in their factory and now it a virus hot spot, I think this is a no brainer. Whether it was intentional or accidental is unclear. I don't think we're being told everything.