I suppose a very harsh way of looking at it would be to say that we're pushing society in the direction of widespread adversity and, if it carries on unabated, possible collapse, just for the sake of prolonging the lifespan of some (and not all) over 75s.
I've read somewhere that the average age of Italian victims is 81.

I think people would soon become very agitated at having their routines curtailed by what will be, for the vast majority, nothing more serious than a bad cold/nasty cough. Assuming it doesn't mutate into something worse, you'll have people saying "I've had it, it's nothing" in no time and I suspect we'll be seeing demands for a return to normality well before this virus has been kicked into touch.