Overreacting for sure, but solely staying on that doesn't do the situation justice. Compared to diseases such as Ebola, Corona is relatively innocent, however the point is that the virus is new. I am not saying this in the sense that we don't know what it can do, I'm saying that in the more Darwenian sense. Some older viruses are viruses the body knows and thus has resistance against. Conora is new, or at least the COVID-19 variant is new, and thus the body doesn't have resistance and it will take time (and much of infection cases) before we are more resistant, and that appears to be the most "evil" spot now. And that is why caution is required.
Fear for horrible diseases might be an old instinct. Of course in medieval times, during wars diseases were more feared than the enemy, for good reasons. The number of people meeting a horrible death due to diseases outranked the victims the enemy made by far. However stacking up tons of food is not gonna do much good, and the reasons behind the "toilet paper war" is beyond me. A lot of fake news also circles around and not for the better. Drinking much alcohol isn't gonna do much good, for starters. And the mouth covers also appear to do more harm than good. And when the economy is coming to a standstill, I wonder if the cure hasn't become more harmful than the disease, by now.
It is also confusing that every country appears to deal with the virus differently. Yet whatever you do, when you act on panic, and act like an apocalypse is on the way, you can only do more harm than good. I'd say, stay calm and trust the professionals and hope they know what they are doing (frankly they don't as this is new to them as well, but still they know more than most people do), and try to live as normally as usual as far as the measure of the authorities allow you to.
I'm actually more worried about the way people act right now, than about the virus itself, to be honest.