Comment by serial_dev

At least, for me, the level of panic would depend on how long I can pay for rent / mortgage and covering the costs of having a family, diapers, food, heating, paying the bills, so basically everything that makes sure that a temporary change in employment status doesn't result in multi-decade negative effects on my family's life.

If I could cover these with my savings for 1y+, I'd give zero fs about getting laid off. Unfortunately, I can't, so time to focus on spending less, earning more, saving more.