So as I've been saying the Spanish "2nd wave" hasn't lead to deaths. That's because it's not really a 2nd wave. It's because testing around clusters is now so thorough, the true IFR is becoming apparent. It's near 0.1%. As the empirics suggest, this equates to a bad flu. https://twitter.com/ChGefaell/status/1291882932651601921
Some of this is certainly due to better treatment (dexamethasone, etc). We know from the UK where ICU mortality rates are now equal to standard viral pneumonia at 20%.

However hospitalisation rates are barely picking up in Spain as well.
It's hard not to deduce therefore that by the time Spain locked down in March, a far, far greater proportion of the population had been infected than has been assumed and there are high levels of population immunity.
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