Usage patterns
恐慌が起こるfor a panic (esp. financial) to occur
A worldwide financial panic occurred.
恐慌に陥るto fall into a state of panic
The markets fell into panic upon hearing the news.
恐慌を引き起こすto trigger a panic
The incident triggered panic throughout society.
恐慌状態になるto become panic-stricken
After the earthquake, the residents became panic-stricken.