The more we learn about the coronavirus, the more its ability to spread, and the death rate, seem similar to the Spanish Flu. If it's anywhere in that vicinity, and it mutates and surges in the fall, we're going to be found wanting as a species.
If not, then great. We escaped again. But that wouldn't be call to call this a hoax, or a panic. Viruses are deadly. Fear works to make people take precautions that actually help prevent the spread of the virus.
Unfortunately, it also causes stupid acts, like buying a ton of masks that won't keep you safe anyway. Or hoarding medication, which is a truly stupid way to deal with a virus like this.