I don’t see them panicking. They didn’t panic over flight 007 which actually had a slim chance of starting a war with America, they won’t panic over this. By the end of the week it’ll just be another installment in Malaysia Air’s bad year.
The panic by the Soviet Air Defense Command is what led to the downing of KAL007 to begin with. Even Izvestia acknowledged this after a lengthy investigation in 1992.