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EDIT: I wasn't kidding when I said I can play numbers and statistics all day.

When you say "VAERS notoriously undercounts", I think you're probably referring to the flu vaccine (where we would have historical data), but I don't think it's fair to say that would be true for the Covid vaccine.

Specifically because at the onset of this new vaccine, people are much more likely to report that a death happened after a covid vaccine. There is a segment of the population that has never trusted the covid vaccine, so they are a lot more likely to report a death after vaccination of a loved one. Also as the vaccine is new, there's probably a lot more data gathering around it because scientists would definitely like to know if the vaccine causes death. Lastly, it's an event you're much more likely to have talked to with your loved ones before you passed away, than with the flu vaccine.

My family knows I got a covid vaccine. My family has no idea about my flu vaccine status.

Lastly, and most importantly, the numbers for those are not intrinsically linked. There's not actually any implied causal link in any of those numbers "VAERS Covid/Flu Vaccine Reported Deaths by Days to Onset all Ages". They are all just correlated. If you want to look for a causal link you'd have to compare against the total number of people who got vaccines on that day. And then compare against total number of deaths for the whole population.

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Adverse events from drugs and vaccines are common, but underreported. Although 25% of ambulatory patients experience an adverse drug event, less than 0.3% of all adverse drug events and 1-13% of serious events are reported to the Food and Drug Administration (FDA). Likewise, fewer than 1% of vaccine adverse events are reported. Low reporting rates preclude or slow the identification of “problem” drugs and vaccines that endanger public health. New surveillance methods for drug and vaccine adverse effects are needed. Barriers to reporting include a lack of clinician awareness, uncertainty about when and what to report, as well as the burdens of reporting: reporting is not part of clinicians’ usual workflow, takes time, and is duplicative.

“Underreporting" is one of the main limitations of passive surveillance systems, including VAERS. The term, underreporting refers to the fact that VAERS receives reports for only a small fraction of actual adverse events. The degree of underreporting varies widely.