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I think the overreaction to the flu was more about the media then it was about the government. There wasn't a lot going on in the world at the time and the flu story brought in big ratings (as any alarmist news does). So maybe they have to sit on some vaccines and maybe they put a lot of resources in it. But when it comes to health issues, I'd rather be safe than sorry. We took the passive approach when it came to HIV and AIDS and it cost a lot of innocent people their lives.
I don't see how this is any different than security for terrorism. I don't consider ramping up airport, port or whatever other security to be a waste of money because a ton of people didn't get killed by terrorists.
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