The "panic" is that you have to pay attention to the epidemiology and potential for a pandemic. You have to look at the case-fatality rate, which is the number of deaths divided by the number of cases (multiplied by 100, to give a percent). Mortality rate is the number of deaths over the total population (once again X 100).
For example, 40 deaths among 4,000 cases is the CFR of 1.0%. If the population was 4 million, that’s a MR of 1 per 100,000 or 0.01%. Here is a list of the case-fatality rates for some more-commonly known viruses/infections:
Seasonal flu: CFR 0.1–0.2%
1918 flu: CFR 2.5%
SARS: CFR 10–11%
MERS: CFR 34%
EBOLA: CFR 25–95%
Rabies: CFR 100%
Thus far, COVID19 appears to be 2–3%, similar to the Spanish flu of 1918, which killed the most people during a single outbreak (pandemic) in history.
The R0 ("R-naught") is also of concern. It is basically the virus's reproductive ability and describes how many people one infected person will infect. Covid-19 seems to have an R0 of between 1.2-4, meaning that 5 infected people will infect somewhere between 6 and 20 people. For comparison, SARS had an R0 of between 2 to 5.
Basically, if COVID19 spreads globally, it could equal or exceed the deaths due to the 1918 influenza, and THAT's what all the hype is about.
(Sources:
https://www.popsci.com/story/health/how-diseases-spread/
and
https://vitals.lifehacker.com/what-is-the-coronaviruss-r0-and-why-does-it-matter-1841264885)
I'm supposed to be grading lab reports... can you see why I'm called the Queen of Procrastination?