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.