In Germany (and probably other places too), people are stealing masks and desinfectant from hospitals - places where this is really needed. I think this is a big issue and it needs to be addressed.

This, not this toilett pper issue, is why panic is bad. Toilett paper hording just is a great early sign from from the more serious stuff happening as well.

I would say that the biggest threat is a dichotomy fallacy. Just because an extreme is wrong it does not mean that the other is right.

This should be taken seriously and people should put effort into prevention, but honestly I would prefer calling upon people's sense of civic duty rather than panic.

At this point, if we're not seeing at least some panic we're doing it wrong. The level of warning has to be such that the most skittish elements of society are freaked out, otherwise the average person will not be taking it seriously enough.