I have not seen panic - but occasionally see the "Stunned Mullet" syndrome. In the simulator there is a typical scenario where an engine fire is "arranged" on lift off. Bell rings loudly- red warning lights occur and the captain calmly directs the first officer to "Carry out the Recall Items for Engine Fire, Severe Damage, or Separation".
Enter the Stunned Mullet look by the startled first officer who for the life of him cannot remember the opening line of the Recall Items. Meanwhile the fire blazes merrily away in the engine lighting up the frightened faces of the passengers staring like more stunned mullets out of the windows.
Calmly and through gritted teeth the captain repeats his order to the first officer who by now has suffered total writers block. The bloody Recall Items for engine fire, he repeats to himself. What the stuff are they - I should know - Iv'e done it a thousand times in the sim before. Now that's where panic sets in....