The severity of any disease, especially a new pathogen like SARS-COV-2 is important to measure, especially it’s ability to cause death, which is the ultimate measure of severity. There are two ways to measure mortality from any infection.
Fatility Infection Ratio (IFR)
The proportion of deaths among all infected individuals. To measure IFR one has to know accurately the total number of infections as well as all deaths caused by, the disease. In the midst of a pandemic, with testing variably available and deaths often occurring at home it is impossible to accurately measure IFR.
Case Fatality Rate (CFR)
The proportion of deaths among identified cases. In the early stages of the pandemic, most cases are identified by surveillance and often only the most severe cases are tested. This leads to wide variation in estimates of CFR ranging from 0.1% to as much as 25%.
In fact, it is only possible to accurately measure either one of these fatality rates in retrospect, long after the initial stages of the epidemic. The number of deaths attributed to COVID-19 is almost certainly an underestimate. On the other hand, the number of people who have been infected is also certainly an underestimate. People with mild or asymptomatic infection are unlikely to get tested.
Another problem is that fatality rates from COVID19 are not uniform. Certain groups of people have an increased risk of mortality from COVID-19, so mortality is not uniform across people who are infected.
Excess Mortality
One way to deal with the first problem is to look at excess total mortality rates compared to historical mortality rates. It is very likely that excess mortality during the pandemic reflects the impact on mortality of COVID-19. Even if all of these deaths are not directly attributable to COVID-19, some may reflect unavailability of care at hospitals overwhelmed by COVID patients.
Excess mortality statistics are available through the first 30 months of 2020, which takes us through July 25 of this year. Because of the delay in reporting of death certificates, data for August and September are incomplete. For the US as a whole, there were 207,000 excess deaths for the first 30 months of 2020. This figure suggests that we passed 200,000 deaths from COVID-19 by the end of July whereas the number of reported deaths from COVID-19 at the end of July was 150,000. This was clearly an underestimate. It is also clear from these excess mortality numbers that the mortality from COVID-19 is much higher than from influenza.
Here is a graph of weekly recorded deaths from all causes for the first 30 weeks of 2020. The dark line represent excess mortality for 2020. The gray lines underneath are death rates from the previous 5 years. The spike in the beginning of the top gray line represents the H1N1 influenza epidemic. You can clearly see that even this spike is dwarfed by the excess mortality for the first 30 months of 2020. Here is a link to the website which has these data

Mortality by race/ethnicity
Another way to look at mortality data is to look at mortality by race and ethnicity. The mortality rate for african americans from COVID-19 is twice as high as for non hispanic whites. For native americans the death rate is 1.4 times as high and for hispanics the death rate is 1.1 times as high. These increased death rates by race and ethnicity have nothing to do with genetics. People of color have all sorts of socioeconomic factors that increase their risk of underlying conditions as well as living in crowded housing that make social distancing difficult or impossible. Many have low wage jobs that increase risk of contact with multiple people.
Mortality by age
Risk of dying from COVID-19 increases dramatically with age. Taking age 18-29 as the reference group, here are data from the CDC.
30-39 Risk of death four times higher
40-49 Risk of death ten times higher
50-64 Risk of death thirty times higher
65-74 Risk of death 90 times higher
75-84 Risk of death 220 times higher
85+ Risk of death 630 times higher
Mortality by underlying condition
According to the CDC, 94% of COVID-19 deaths had at least one underlying health condition. These include obesity, chronic lung disease, diabetes, poorly controlled high blood pressure, asthma as well as conditions or medicines that suppress the immune system.
Bottom Line
Mortality from COVID-19 is complicated. Traditional measures of mortality are impossible to obtain in the midst of the pandemic. Excess mortality is the best way to assess the impact of COVID-19 on death rates. Measurements of mortality are also not uniform and are markedly increased in older people, people of color, and those with underlying conditions. Excess mortality statistics clearly demonstrate that the death rate caused directly or indirectly by COVID-19 far exceeds influenza epidemics in recent years. The only pandemic that had similar or worse mortality was the 1918 influenza epidemic.