There are around 400,000 deaths from flu globally, every year. (The numbers vary by quite a bit.) And that's after vaccination efforts.

So far I'm seeing no evidence to persuade me this is significantly deadlier. Everything that has been said about COVID-19 - the stress on healthcare, and so on - has already been happening during flu waves. For decades.

The real difference is the scale of the response. Flu's effect on the economy is a little more than a rounding error, but not by much.

Because of the measures taken, this is likely to have very significant negative economic and social effects which will last far longer than the danger of infection.