Italy here, luckily from a zone where there are no cases yet. We have ~650 cases and ~12 deaths from the virus so far. What is astonishing is that when the news of the virus spreading in Italy came out, with even 2 zones to put in quarantine, the media started to bombard like B52 making people go crazy (it started about a week ago). Supermarkets assualted and emptied of food like we were before a war, green telephone lines unavailable due to the unbearable traffic, a lot of schools closed forbthe entire week, liquid soaps and mask to filtrate the air (don't know the english term) sold at incredible prices (stocks of 50 of them sold at 100 euros when usually it is 5 euros at best, you can go see on Amazon Italy even if now the government will start to strike that down).
And now the media did a 180° when they saw people panic. We have these infos, that must be true yet, that 95% of infected heal back without any external help (it is like a flu) and that the 12 deaths were people who had a critical clinic state even before the virus (80+ yo people, already affected bya a cancer..) yet in China we saw even young and healthy people die (see the hero-doctor of Wuan, sorry if it is the wrong name), the masks are not needed if you ate not already affected by it (to not spread it around) or of course if you don't work in an hospital, the liquid soap onbthe other hand is usefull because it is a good habit to wash your hand often to eliminate potential agents you get by touching other people, this infos are to not make a fool of yourself if and when the crisis strikes and flood supermarkets even because that would be an excellent place to make the virus spread, same with hospitals and that is because the telephones lines are full while the hospitals are not: only people who seriously think to have something goes there otherwise they prefer to not risk. Maybe it would be good to make a little stock of liquid soaps ahead of time.
Also at this point it is clear it will strike the whole Europe and North America too. Macron (France's president) already stated that and the american authorities as well (not Trump of course) and we already have cases unrelated directly to China or Italy (to be seen as bringers of plague in the world is so weird btw) in France, Germany, Denmark, USA then there is Iran where the infos are watered down by the dictatorship. Anyway the more likely scenario is that the virus is already spread pretty much worlwide since weeks ago.
Then we have also jackals amd racism run rampant, the aforementioned sellers of maks and liquid soap at incredible prices (and there is people buying them) with even advertisements like "full protection from coronavirus" which is obviously bullshit along with energy drink and stuff (a kit was sold for 5000 euros, this should be the lowest point I hope, and that people should be put in jail immediately) then there are also the ones that go to the houses of old people with the excuse to do a test for the covid 19 when what they want is to rob them and, maybe even below that, the politicians (not surprised here) who speculate over the virus to bring on their agenda. Our little italian Trump (the one who backstabbed the govern back in august) is asking the prime minister to resign and make a govern open to all forces right in the middle of the crisis when even other leaders of the opposition are trying to work together to make the crisis last less.
In conclusion about the reason the media, and the national govern too pretty much (well the govern in primis since it is it that is giving the order to not spread panic, even ordinances about closing schools and public places have been revoked after this week), did this 180 is because the panic they spread risks to damage the economy, tourism already took a huge blow (you can imagine why) and even industries (Italy has a big portion of his economy based on exports) are suffering as well (foreign countries are not willing to import or meet italian stocks or people, also because there is the risk that factories will have to be closed a bit as well, not anymore now, and that will be a damage for the importers who want a costant supply and indeed starting to look elsewhere).