The village was consumed with panic on the day I wasn't there.
I wasn't expecting to experience two economic scares in my lifetime.
The entire country flew into a panic.
Fear mixed with confusion creates panic! You get a scare so bad, you're fearful and you don't know what to do.
This is a jukugo word that uses the on'yomi readings of the kanji. You've learned them already, so you should be able to read this on your own!