It was too early to tell in January.
By the time this burns itself out, I think it could be worse than the Spanish Flu. It really depends on how fast a treatment or vaccine becomes available and whether it can penetrate the defenses of the countries which have succeeded in containing it like China.
Take the population of any state or country. Multiply it by 70%. Then multiply that number by 1%. That is about the threshold of deaths necessary to reach herd immunity from COVID-19 without a treatment or vaccine. Alabama is about 34,000 deaths from herd immunity. Think of it as about everyone in Prattville dying after which the epidemic will fade.
How many people would need to die in Georgia to reach herd immunity? About 74,370 or the population of Warner Robins. Tennessee? About 47,803 or the population of Smyrna. Texas? 203,000 or the population of Amarillo. Louisiana? 32,543 or the population of Houma.