Aren't we in panic mode measures already? I'm not sure there's much more most countries can realistically implement even if there's a 10x more lethal variant.
During initial containment china welded apartments shut and organized essentials deliveries by dedicated couriers for each city block. And then there's the option of military-enforced cordons. There are multiple levels of panic left untapped.
That's why I said "most countries", because in (say) the US the government couldn't pull that off even if they tried. (For one thing, it's hard to weld shut suburban housing.)
Perhaps, but if the virus was as transmissible as sars-cov-2, but had a much higher fatality rate (say 60% like Ebola). Then you would get a lot more support for strict measures amongst the general population.