A lot of things are being described as a panic at the moment, and a lot of it is really just rational risk mitigation behaviour. The factors the influence risk management decisions are all pretty straightforward. You’ve got an assessment on the likelihood of the risk causing an impact, as assessment of the potential magnitude of that impact, a judgement about how much risk you’re willing to accept, and decision about how much resource you’re willing to commit to managing the risk. The way these panic discussions tend to go is first, ignore the fact that different people/organisations have different resources available to commit to risk management, then if you disagree with any of the judgements they make, describe it as a ‘panic’, rather than what it actually is, a rational decision that you might disagree with for some reason.