You can call it fear mongering if you like. I prefer to call it keeping the public informed. IF this virus is no worse than the flu, why are national public health officials from multiple countries refusing to allow cruise ships unload their passengers? Why did Australia set up an off shore island to house incoming exposed citizens? Why are we housing our citizens on military bases when they get out of China? You have read the stat that while the death toll ratio is similar to influenza, there are still 17%s of the people infected with the virus in CRITICAL CONDITION in the hospital? Influenza doesn't do that. While the percentage of fatalities may remain fairly constant, I suspect that is more due to better diagnosis of mild cases, not that the virus is somehow less serious than originally thought. Part of the concern with this virus IMO is the chicanery of the Chinese government. It appears at least possible to me that this is a weaponized virus that escaped from a lab. We'll get a much better handle on it when it gets rolling in more transparent countries.
Historically people have not reacted responsibly to fear and unknown so I wouldn't base the danger of this virus on the reactions of a few nations. Many more than 40k people have been infected. A VAST majority of those younger than 40 experience very mild symptoms, a mild sore throat for a few days. This is something that anybody can feel in the grind of a workweek. 80% of the deaths and critical patients are over 60, and 3/4 have a compromised immune system. Those younger than 60 succumb after +2 weeks of illness, this means that good care can alleviate these issues. One death occurred 41 days after infection...not sure how that was possible.
Patients with underlying health issues have many xs higher chance to develop pneumonia from any common virus. The epicenter is a region that had 11 million people but was already short on medical supplies and facilities. The quarantine has caused this region to have a death rate many times higher than other regions. There aren't supplies and beds for the sick, but the very sick are the ones who are reporting. So you have a lot of very sick people...15% are considered critical, and 2-3% die. The actual death rate is going to be <1%. This hit at the worst place at the worst time, which means it will appear worse. You also have to remember that Asia has a historical relationship with SARS like illnesses. That was a traumatic experience for that part of the world. The moment SARS like came out, then the panic began. Had it been flu like, the response would have been different.
I also have my doubts about its contagious nature...it does appear to be more than flu, but it doesn't seem to be infecting careful medical personnel and we haven't had entire plane loads of people come down with it. I like that people are aware of the danger of viruses but I believe when this is all said and done governments are going to convene and develop a slower readiness plan to combat the effects on economy. ANd that could be disastrous in the case of another more deadly virus. All that china has got from being open about this is a shock to their economy and a possible political earthquake.