It's important to remember that the big concern with the coronavirus isn't that it's unusually severe, it's that it's unusually transmissible. In particular it becomes contagious before it becomes symptomatic.
So if they fail to contain it, you'll be more likely to get it than to get the flu, but not especially more likely to die if you do get it. And even less likely in either case if you're currently healthy.
There isn't much reason to be concerned about quarantines either. The point of a quarantine is to limit the spread of the virus. When there are only a small number of cases, using extraordinary quarantine measures is justified because there is the potential to stamp it out entirely. If too many people get infected, there is no longer any hope of that and continuing the extraordinary measures is impractical. You shut down an airport when a city is infected, you don't shut down every airport when every city is infected. So if it spreads, you fall back to the ordinary measures. Wash your hands, if you get sick go to the doctor and not to work, get vaccinated once they have a vaccine etc. It's not good but the world doesn't shut down.
Around 10% of people get the flu every year. If this is equally severe but more contagious, maybe it's twice as bad, or five times as bad. It seems pretty implausible that it could be much more than ten times as bad.
An advantage we have here is that February is over. Flu season is ending rather than beginning in the northern hemisphere (and it's still several months off in the southern hemisphere). So if they can keep it somewhat contained as things warm up, it shouldn't spread as fast in the spring.
Don't panic.