It seems a bit overblown to me, unless China is lying about the  fatality rate. At 2.8%, the current fatality rate is quite a bit lower than the SARS outbreak in 2003, which had a 9.6% fatality rate. But as deadly as SARS was, it fizzled out after just 8273 cases thanks to proper containment. I'm guessing that the reason why the Coronavirus outbreak has a lower fatality rate than SARS is because many of the same treatment methods as SARS are working on Coronavirus, so it's not taking as long to find ways to treat the virus as it did with SARS. China was criticized internationally for not acting faster to contain SARS, so this time they decided to not taking any chances and lockdown the infected cities.