This is not going to be the end of the world as we know it but I think it will take quite some more time before it's behind us.
This isn't happening in the rest of the world. ( Except some dictatorships)
Some minor outliers like you mentioned, eg. Italy. But these are getting handled. It will not spread anymore like it did in China.
It's possible that some parts will need extra handling, but sharing information is the key for handling this.
Yes, China did some weird stuff with information in the beginning, but it seems there is not really much reason to suspect they're hiding information anymore [1,2]. The responses by free-er nations have been much milder with more reliance on self-quarantine. Let's hope that that works. And let's hope there will be sufficient testing to stay on top of things.
[1] https://www.vox.com/2020/1/27/21082354/coronavirus-outbreak-...
[2] https://www.vox.com/2020/3/2/21161067/coronavirus-covid19-ch...
We will see what the best strategy will be, the hardest work is now for China, South Korea, Iran and Italy.
The rest will learn from them.
The statistic influencers currently are China, South Korea and Iran.
Then it seems to help that people are more aware and numbers seem to be dropping. I'm short-term bearish, although it could change with an extreme outlier within the EU.
It also helps that I can see what a big corporation ( where I work) is doing and I don't see any panic. Rather creating awareness.
I'm also aware of the most vulnerable companies ( travel + flight) where a friend works and it seems to be okay, as in: "not as bad as the news seems to suggest", but nonetheless carefull.