That's almost certainly untrue. Recent studies have show that as many as 38% of the Italian population has been infected at this point [1]. That gives a fatality rate 0.03%. Let's say the official death count is 10x undercounting, you're still left with 0.3%.

[1] https://www.reddit.com/r/CoronavirusUK/comments/fxgk8q/early...