They are not panicking. More money less work.
where I live every elementary school lost 200-300 students per school. Permanmently. Some went to private school, some homeschooled, and some moved to adjacent counties that didn’t close down schools.
LOTS of teachers and staff are losing jobs. Sooooo sad.... NOT
In general, for every student that is withdrawn from the publik skool system, state funding decreases.