This is such an important point. However, sticking to the "panic only as much as needed" idea is difficult because, sometimes, incentives are skewed to reward

This is such an important point. However, sticking to the "panic only as much as needed" idea is difficult because, sometimes, incentives are skewed to reward panic. Think about all the laws that are passed without regard to the side-effects because "someone ought to do something about this". In peacetime, prepare for war. Before the crisis hits, you should take the time to think through how you and the people around you need to behave and what is likely to trip you up. Don't assume you will do the right thing. Plan to do the right thing.