That radio broadcast did create a response from a small subset. But that response was from an insignificant, poorly informed, population and was quickly tempered with a minimal amount of effort.
I highly doubt it created a 'mass panic' with serious consequence, as if the average person believed Aliens were attacking earth due to a radio broadcast...
The fact it was false was immediately spreading among the newspapers:
> They immediately left the theatre, and standing on the corner of Broadway and 42nd Street, they read the lighted bulletin that circled the New York Times building: ORSON WELLES CAUSES PANIC.
This type of thinking that we need to protect people has been causing comedians to needlessly apologizing for ultimately harmless art on a weekly basis.
There's a big difference between a piece of humour/fiction crossing the intended audience into people who miss the obvious humour/fiction and take it seriously... and actual malice.
I meant it was exaggerated compared to how many people actually panicked. Playing a fake advent of WWIII in a coffeeshop as if it is real to unsuspecting people might cause a different response though.