恐慌 (kǒng huāng) is a compound noun meaning 'panic' — an intense, sudden, and often contagious feeling of fear that disrupts rational thought and behavior. The first character 恐 means 'fear' or 'dread', while the second character 慌 means 'flustered', 'agitated', or 'in disarray'; together, they emphasize both the emotional terror and the resulting loss of composure. It describes collective or individual reactions to perceived threats — real or imagined — where people act impulsively, such as fleeing, hoarding supplies, or spreading rumors.

This word is commonly used in formal and journalistic contexts, especially when describing large-scale social or economic crises: stock market crashes, disease outbreaks, natural disasters, or wartime situations. While it can describe personal feelings, it more often conveys widespread, visible, and disruptive fear — not quiet anxiety or nervousness. It carries a slightly negative or urgent tone, implying a breakdown in calm judgment.