I can't relate to the word panic in this context. Perhaps a more discriptive definition needs to be made in a thesis in order to ascribe its use to a particular accident.
I'll admit that my experience is limited but of all the CVRs of accidents that I have participated in, I would not have ascribed that word to the pilot flying.
At the most, I have only sensed panic in the voice inflections of "extras" in the cockpit not engaged in the decision making process. And even my sense is still "subjective"