Yes this virus will overwhelmed the health services precisely because people panic about it when they shouldn't. mortality rate of COVID-19 is anywhere from 2 to 4 percent, and not at 50% like it was for the bubonic plague or the 100% mortality rate for septicemic plague in untreated victims. The Spanish flu had a mortality rate of about 2.5-3% also very similar to Coronavirus. Third of the world's population got infected and about 100 million people died but mostly due to extremely poor sanitation and malnutrition (blame war). In the case of coronavirus, the poorest would suffer the most (war torn countries, africa, etc) but this kind of death had already happens for other reasons, such as the war in Syria that killed so many innocent women and children and the world did not give a fuck about it. This clearly shows that COVID-19 is a middle class worry, because now it can get an old rich ass at the comfort of their home where they feel most confident in their privilege to best safety.
Now, for a bit of contrast, CDC estimates that this season, from October 1, 2019, through February 29, 2020 the less-sexy influenza has already killed 20,000 – 52,000 people just in the USA alone, in spite of the widely available vaccines. Right, so as long as there is a vaccine for the politicians in fear of incompetency, the death toll ceases to matter, for some reason. Do you really not see the absurdity of the situation?
For stats and reports please do your own homework so that i don't have to go to multiple websites now digging for this info, it's all out there.
1. You really believe the Chinese built 2 new massive hospitals in weeks because of an irrational panic? Sounds like you're the racist.
2. The common cold doesn't have a mortality rate of 2 - 4%. A Harvard epidemiology professor predicts 40 - 70% of the world population will get covid-19 over the next year. If 50% of 7.5B people get the virus that's 3.75B, 2% of that is 75 million people dead. Maybe governments should do everything in their power so that it doesn't come to that.
3. Do your homework on statistical distribution and fat tail risks.
PS I'm probably younger than you and in great health, so it's not because I'm rich and old that I'm worried about the impact on this virus. Wars and squalid poverty are horrible too, but that doesn't mean we shouldn't try to lesson the impact of this virus.