This article implies their infection to death rate was already elevated for the flu. Most accept this is, at best, a deadly flu. That would strengthen this hypothesis.
But your hypothesis seems to be there are more infected in Italy than elsewhere. But you then have to explain why it did more there.
If we have infection to death rates in all countries, that would let us predict if the first hypothesis is true. To test yours? What can we do?
Let that sink in. Italy had 25,000 deaths attributed to flu like illness two years ago. They are at 6000. Accepting that this is a hard flu like virus, we would expect them to have bad numbers. Why? What is so bad about Italy?
Again, comparing to the flu is not minimizing. The flu is already a terrible virus.