noun
General state of widespread fear or anxiety, often in social or psychological contexts.
地震の後、町中が恐慌状態に陥った。
After the earthquake, the whole town fell into a state of panic.
noun
financial panic; economic panic
Specifically in economics/finance: a sudden widespread loss of confidence leading to bank runs, market crashes, etc.
1929年の世界恐慌は多くの国に深刻な影響を与えた。
The Great Depression of 1929 had a severe impact on many countries.