Take Lombardy, hardest hit region in Europe. 1130 deaths / million, or about 0.1% death rate. All German states are under 100 deaths per million, which is less than 0.01% death rate. Sanity check: Bayern, 1.2k deaths/13M people ~ 0.01%.
Of course, this is a lower bound estimate assuming all people in a given region have got through the disease. Which is definitely not true. To figure out how bad is going to get we need the total number of infected people. Hopefully the random testing strategy will shed some light on that number. But at least we start [much] lower than 0.3%.
https://covid19.quersive.com/chart?c=M&e=IT-Lombardy&e=DE-BW...
And how about being tested negative, and a few weeks later being tested positive? I suppose that would improve the accuracy.