It's not a fantasy land. It's called Sweden. Estimates are placing the actual IFR at about 0.5 to 0.3%. For comparison, the seasonal flu averages 0.1%. A country in the middle of a coronavirus epidemic looks mostly like a country that's not in the middle of a coronavirus epidemic, save for 3-5x as many people dying of coronavirus as the flu. Saying that it's not wise to devastate one's economy over such an illness is a perfectly reasonable position.