With a fatality rate of 0.47%, if SARS-COV-2 had been allowed to run its course with no mitigation steps, with the claimed 60 percent infection rate before herd immunity put a stop to it there would have been over 900,000 deaths in the US. If it instead behaved like a typical influenza outbreak and infected 10-15 percent, that would have meant 155,000-227,000 deaths in the US (though given the lack of immunity to SARS-COV-2 in the general population and the lack of a vaccine, one would expect it to infect a higher percentage than influenza).
Given the high age dependence of fatalities from COVID-19, it shouldn't be assumed that the CFR will be the same in every country. If I did the estimations correctly (a 50-50 chance), while Italy currently has a per capita fatality rate about 5 times that of the US, for the under 60 population it is around 2 times. Iceland is one of the youngest countries in the west and should be expected to have one of the lowest CFRs.