YABU, OP.
It's not the flu.
Information is still being gathered but right now it looks like Covid-19 has a much higher transmission rate, a higher mortality rate, no available vaccine and no information on whether this virus is seasonal.
The reason why there have been so "few" cases is BECAUSE authorities are reacting to contain the virus, not because it isn't a threat.
The fact that this has reached Italy and caused an outbreak despite containment and quarantine policies and the fact that the most recent outbreak has no as-yet clear link to China is concerning because that means it's spreading faster than it can be traced.
60-80% is a transmission rate that's been quoted a lot for covid-19, based on still early data.
So forget about the mortality rate just for a moment. Imagine even just a normal case of flu (and i mean proper flu, not 'the cold') , except 60-80% of the population were suddenly and quickly affected. What would that do to schools, infrastructure, hospitals, care homes, travel, imports, exports etc?
Now picture that but with a higher death rate. Picture 60-80% of the population infected by a virus that kills even 1-2% of those infected. There won't be a vaccine for months, maybe a year plus. In a population the size of the UK, if covid-19 spreads unchecked d that could mean around 40 million or more infected. Even 1% mortality from that leaves 400,000 dead. That's the reality of a pandemic situation. That's what people are currently working round the clock to avoid through containment measures.
And I hate to say it but people like OP are the ones who, in an almost pandemic situation like this are the ones who make it worse. Because the people who underreact are the ones who say "it's only a bit of a cough" and show up to work or take the tube or have a coughing fit on a crowded bus. They're the ones who get on a plane and infect fellow passengers, who then go on and carry the disease to their respective countries.
Complacency and ignorance is how a global pandemic gets off the ground despite best efforts to contain it.
If this does turn out to be "nothing", it won't be because people were overreacting. It'll be because they were reacting exactly enough to stop it in time.