Washing hands is simply a matter of common sense that should be applied at anytime.
Let's the health officials freak out. That's their job. They want to be "be safe than sorry" and that is how outbreaks are usually contained such as the cases of SARS, 1997 Hong Kong flu, H5H1 bird flu, etc.
And we just relax. Thousands haven't gotten sick yet in a week, unlike the start of 1918 outbreak. It is highly unlikely that 1918 will repeat itself as it was a freak and rare virus.
While it is not confirmed, it is still somewhat possible that this virus can mutate to a form that woud cause such strong immune system to overload and kill you by drowning your lungs with fluid. A strong immune system is not always good in some cases. This is what happened in 1918... it was unusual because it killed off so many young people with good immune system and health.
So a strong immune system could just go against you instead of the virus.
So far it hasn't been confirmed yet. It may be H1H1 virus (same type as the 1918 Flu), but it's a sub-type and not a direct descendant.
Besides, we have come a long way in knowledge of medicine and diseases. Back in 1918, doctors thought it was just a "flu bacteria" due to the recent theory about germs. Now we all know it wasn't. We have developed treatments to control and calm down the immune system to prevent an overload on the lungs, filling it up with fluid. Pneumonia is caused by excessive fluid and invasion of bacteria that are normally harmless in the nose and mouth (the cilias are destroyed or overwelmed by the virus, making this possible).
Flu doesn't really kill. It's the secondary inflections that do after the virus did its destruction on the air system.
At least we could take some comfort that we're lucky enough to be born in an era of the most advanced medicine so far in history.