No. We should not panic about COVID-19. When we panic, we become flustered and are more prone to making mistakes.
However, we should be very concerned about COVID-19, and therefore remain vigilant and informed.
WHAT CAN WE DO NOW ABOUT COVID-19?
1. Sanitize, sanitize, sanitize. Have hygiene is the cornerstone of infection control. Sanitize after touching potentially contaminated surfaces such as door knobs, counters and tabletops in public places, etc.
2. Stay at least 6 feet away for coughing persons.
3. Make yourself the strongest possible host, by optimizing medical conditions, and eating wholesome, nourishing foods, as opposed to sugar and chemical laden foods that stress the body and take away from its ability to fight off infections.
WHY SHOULD WE TAKE COVID-19 SERIOUSLY?
It is possible to die from this infection. The  mortality rate for now is felt to be around 3%.
This is a new infection that we still don’t know a lot about, such as whether or not recovering from COVID-19 means you are immune from future infections.
LETS NOT FORGET INFLUENZA AT THIS TIME
We are still in the heart of influenza season in North America which makes assessing people for COVID-19 more challenging.
Here are some salient differences between flu and COVID-19:
-The influenza mortality rate is much, much lower that for COVID-19 (<1% for flu vs ~3% for COVID-19).
-There is a vaccine to help prevent influenza infection, or at least decrease disease severity if infection does occur.
-There is an antiviral drug (Tamiflu) that can be taken by infected persons to eradicate the influenza virus. No such drug exists for SARS-CoV-2 (the virus that causes COVID-19) at this time.
WHY WEARING A SURGICAL MASK IS NOT BENEFICIAL
Surgical masks are effective for only 20 minutes. They become moist with time. The moisture promotes replication of viruses on the mask and may increase risk for infection.
Masks may also give a false sense of security, leading to less frequent hand washing/sanitizing.
SHOULD WE RESTRICT OUR ACTIVITIES?
It is probably not be a good idea to do unnecessary things like go to the movies, or other crowded, enclosed places just for recreation.
However life in general must go on, at least for now. We still have to go to work, we still have to go to the supermarket, etc.
We definitely have to pay attention to the situation in case more US cities declare states of emergency, which would mean mandatory restriction of activities. This is definitely an evolving situation.
CONCLUSION
You may not be able to prevent all exposures to SARS-CoV-2, the virus that causes COVID-19. Reduce your risk for infection by maintaining good hand hygiene, and optimizing your health to make yourself the strongest possible host. 
Be safe!
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