Panic, Coronavirus and Devastated Economies

Peter Wright

Panic and fear are two of the most powerful emotions driving human behaviour. We are seeing a wave of overreaction to what is so far, an epidemic with a low mortality rate. A virus that makes few people ill – 80% of those infected show no or very mild symptoms.

Image by Vektor Kunst from Pixabay

I am writing a post about the next stage of my Camino journey, I will publish it next week. But my mind keeps wandering to the panic about the coronavirus epidemic and the effects of the overreaction to it.

This morning, I recorded an interview with Kathleen Beauvais for her Karytechsolutions business. While we had our equipment set up – and I was reasonably presentable – we decided to record our chat about the wave of panic that is spreading across much of the world.

We are planning to make this a weekly show. A 5-minute chat about a major event or issue that’s making the news, we will also talk about marketing, business, and life stuff.

Here’s our first episode. We have also recorded an audio version which you can listen to on the media player at the end of the post or download to listen at your leisure from the link below.

Kathleen and Peter talk about coronavirus panic

I am not ignoring the potential risk from the virus. I do understand that it could infect millions of people. However, we should keep the risks in perspective and not allow panicked reactions to close down our economies.

Such is the nature of virus epidemics that no matter how many events and activities we cancel or how many times we wash our hands, the situation will get worse before it gets better. It will take a combination of natural factors and sensible interventions to end the epidemic.

Coronavirus Panic And The Economy

The potential damage to the economies of the world from the reaction to the virus is the real threat.

What good is it to prevent people getting the virus but wipe out their jobs in the tourist, entertainment, hospitality and many other industries. The plunging share prices and lower dividends of listed corporations will seriously affect pensions.

This article in the Independent warns that the coronavirus will bankrupt more people than it kills. It suggests that the reaction by governments and panicked consumers could unravel the global economy.

It seems that the media are feeding this frenzy, people are reacting by unnecessary stockpiling and governments are using it as an excuse to further restrict personal freedoms of choice, travel and association.

It’s time to put the risks in perspective.

We would love some feedback on our video, leave a comment here or on YouTube.

p.s. My story about my dog Mike was picked up by a news service app in the USA which sent over 800 visitors to the post in 3 days. That shows the power of stories – especially ones about animals.

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