An epidemic disease caused by a new coronavirus has spread in Northern Italy with a strong contagion rate. We implement an SEIR model to compute the infected population and number of casualties of this epidemic. We perform an analysis of the results of the model, by varying the parameters and initial conditions. We consider the Lombardy case and calibrate the model with the number of dead individuals to date (May 5, 2020) and constraint the parameters on the basis of values reported in the literature. The peak occurs at day 37 (March 31) approximately with a reproduction ratio R0 = 3 initially, 1.36 at day 22 and 0.8 after day 35, indicating different degrees of lockdown. The predicted death toll is approximately 15600 casualties, with 2.7 million infected individuals at the end of the epidemic. The incubation period providing a better fit of the dead individuals is 4.25 days and the infectious period is 4 days, with a fatality rate of 0.00144/day [values based on the reported (official) number of casualties]. The infection fatality rate (IFR) is 0.57 %, and 2.37 % if twice the reported number of casualties is assumed. However, these rates depend on the initially exposed individuals. If approximately nine times more individuals are exposed, there are three times more infected people at the end of the epidemic and IFR = 0.47 %. If we relax these constraints and use a wider range of lower and upper bounds for the incubation and infectious periods, we observe that a higher incubation period (13 versus 4.25 days) gives the same IFR (0.6 % versus 0.57 %), but nine times more exposed individuals in the first case. Other choices of the set of parameters also provide a good fit of the data, but some of the results may not be realistic. Therefore, an accurate determination of the fatality rate and characteristics of the epidemic is subject to the knowledge of precise bounds of the parameters.
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