I see this repeated often but this is a misrepresentation of the statistics. Case fatality rate (CFR) is not the same as mortality rate. The CFR is the ratio between deaths and confirmed cases, mortality rate is the ratio between deaths and total number of people infected. The former number is 2% in South Korea now, the latter can not be measured directly without testing 100% of the population continually during the entire timespan of the outbreak, but it is (practically speaking) by definition significantly lower than 2%, unless there is a huge number of unaccounted Covid-19 deaths, which is very unlikely.
That said, your definition is also in common usage and less ambiguous.
Have you got a source for that?
Just compare new cases vs new deaths here: https://en.wikipedia.org/wiki/2020_coronavirus_pandemic_in_S... vs new cases here: https://en.wikipedia.org/wiki/2020_coronavirus_pandemic_in_I...
On the positive side, they seem to have contained the virus extremely successfully which was likely aided by a low population density, early reaction, and good testing.
The University Hospital handles most of the cases (and all except two deaths). According to their statistics* a total of 25 have been in ICU ("Á gjörgæslu frá upphafi"), total of 13 on ventilators from the beginning ("Í öndunarvél frá upphafi"), with as-of yesterday 3 still on ventilators ("Í öndunarvél") and 6 deaths ("Andlát samtals vegna Covid-19"). So that's less than a quarter of ICU cases dying and half of those on vents.
* https://www.landspitali.is/default.aspx?pageid=b629a8e0-b262...
covid-19 is bad, but seems nowhere near comparable to what much of the developing world faces on a daily basis (4000 kids die a day from malaria?!?)
Face masks for the general public being the most obvious example.
On top of that it’s spread rapidly across every country outside of China and there uncontrolled growth rate showed a similar doubling every few days.