I don't have normalcy bias. I have bias against insane over reactions. While this outbreak is somewhat worse than the flu, data shows that to only be the case to a significant degree in older people, people with underlying medical conditions and, especially, older people with underlying conditions.
Therefore, it would maybe make some sense to try and isolate the people that are most vulnerable from people that may be infected. What does not make sense is to shut down half the world and panic people like it is Armageddon.
People say that these extreme actions are necessary to save lives. The same actions would save hundreds of thousands of lives a year if we did them in response to the flu. Why is the world allowed to operate normally and let 300,000 people die but it must shut down so that (taking some worst case estimates) 3,000,000 people don't die. In the grand scheme that is still only 0.04% of the population.
I know this is going to come off like me being a cold hearted jerk but, based on the category of people most likely to be killed by COVID-19, they would likely die of some other disease or cause in the next couple of years anyway. Destroying the world economy is going to lead to young people dying of starvation in developing nations and quite possibly lead to more deaths than would occur if this virus was just allowed to run rampant.
If this virus was killing children or even healthy, non-elderly adults in large numbers, then I would support drastic actions. We need to use some common sense. Test people suspected of being infected and isolate them. Beg people that are sick with any illness to be courteous and cough/sneeze into their elbow just to be safe. Use good sanitation and hygiene practices in general.