I think what is causing the excessive panic is the mortality rate of the coronavirus compared to influenza. 3.9% for coronavirus vs. approximately 0.14% for the flu. If you had the same number of people contract coronavirus as do the flu, the resulting deaths would be exponentially higher than what is seen with influenza. Plus, there is a vaccine for the flu which helps to keep the mortality rate down. We are a year or two away from a vaccine for coronavirus, so we have to do our best to keep it at bay until a vaccine is developed, manufactured, and distributed.
I agree the overall panic is a bit much, but I also understand why people are panicking.