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Check Luxembourg for an example of high levels of testing (just shy of 5% of the population), therefore high levels of cases but low deaths. Small sample size here of course but a good example that lots of testing finds lots of cases but not necessarily serious ones. A more valid approach might be mortality rates of people who are hospitalised.
The deaths and cases in ICU here are probably slightly overstated as we've had patients transferred from the Grand Est in France to help them out.
atz
Depends... if it creates a 'domino' effect.