My personal opinion of this is:

* The possibility of a pandemic is likely. It is only a matter of time. We have got our gear at the ready.

* Most people will not have immunity to the virus - True, but I doubt the numbers about the lethality of this bug. All the numbers tossed around about the 1918 Spanish flu killing millions of people neglected a few major points.
- Most deaths would have been from secondary bacterial infections (i presume this was the case as it is today - the flu virus weakens you and you get a seconday bacterial infection) which are easily treatable today with the antibiotics available

- a small percentage would have ARDS and succumb no matter what you do, I'm not sure how many, probably not as many as the media would claim.

- personal health, nutrition and hygiene now as compared to 1918 is now leaps and bounds ahead. This is, of course, discounting the malnourished poor in the third world countries. If it spreads there, it would be a disaster......

* communication networks today would help the health authorities to quickly monitor and contain any potential cases thus limiting its spread. In 1918, this would not have been possible.

* Most healthy people who get the flu will recover. Its the elderly, infirm, poor and malnourished, immunocompromised people I'm worried about.

* There will also be a number of people who get the flu virus and will not show any symptoms. Their immune systems simply kill off the darn thing. Hopefully this group will not spread the virus first before killing off the virus.....

In summary,
NO I don't think it will be the doomsday TSHTF scenario the media is painting
NO I don't think its going to kill of millions of people like the media says it will
Hopefully it would be like SARS, with limited pockets around the world.....

This of course is a personal opinion.....
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Trusbx