Calculating the death rate on the current figures is quite simply flawed. This is how the 4% is doing the rounds and the one that Betty is getting all excited about. Once the panic is over and the virus has peaked, a real analysis can be carried out. I doubt it will be as high as 1% but was coming down from the 4%.
Yes it is worth containing to try and limit the rate of infection and a risk of the virus mutating into something worse. No it is not worth stockpiling a month of supplies and buying up the world supply of face masks and hand disinfectant.
Oh and yes it is advisable to stop picking your nose...