While agree with what you are saying, let me give a counter point.

I don't think a worst case scenario is likely. BUT, if it should occur, we'll be pretty much pooched in the 1st and 2nd world. Saying we shouldn't worry and that the report is sensational and should be ignored is like saying that pandemic flu concerns are sensational and should be ignored. Instead, maybe we should look at what is needed to (a) prevent as much effect as possible (which we are doing) and (b) what will be needed to recover.