To be fair, I agree the expected case to death rate is less than one percent normally. The questions this leads to, is why it is higher on Italy? Either in reach of infection, or in deaths?
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?