Come to Presence
To manage any emotion you must be self-aware, and have the power to stop, consider, decide, and act. Self-awareness is the ability to step back and observe your feelings and thoughts. It enables presence of mind, responding rather than reacting.
Anxiety can take over, causing panic and becoming chronic. Self-awareness enables you to experience the felt sense of anxiety and be aware of anxious thoughts before they take over and you lose control.
If anxiety does take over, the best you can do is to watch it without adding fuel to the fire by judging yourself or being anxious about being anxious and losing control. Use whatever methods (breathing, aphorisms, etc.), you have and accept help from others to come to presence. Accept and let go to let yourself calm down. Panic episodes pass. The underlying anxiety may still be there, but there is presence of mind to remain calm, think clearly, and act sensibly, not being driven by emotions.
Get to know what calm presence feels like so you can step back into it when you start feeling anxious. If you have been working to increase your self-awareness and emotional intelligence, you are likely to have your training kick in. If you are not working on yourself in that way, consider mindfulness, mindset and emotional intelligence training and coaching.
Presence of Mind
So, to manage anxiety we need presence of mind.
Presence of mind is a calm state, a step back from the stream of your behavior, thoughts, and feelings. It is being dynamically balanced, in a state of equilibrium in motion, open to whatever comes next. Present with a sense of serenity, peace, clarity, and comfort is the platform for skillful action.
Cultivate presence with meditation, body and breath work, and other techniques so you experience it in everything you do do, all the time. A calm center is always available, find it and make it the point of origin for your thinking and behavior.
Avoid and Confront
With presence of mind, consider the options, avoid and confront.
Avoiding means acknowledging that you need support so you are not overcome by anxiety. There is nothing wrong with needing support. It doesn't mean you are weak, it means that you are clever and brave enough to seek and accept help when you need it.
Support may be in the form of psychotherapy, meditation, mantras, aphorisms, exercise, analysis, antianxiety medication, alcohol, breathwork, or unhealthy habitual behaviors. If it is a choice between being debilitated by anxiety or taking a medication to enable living effectively, I'd take the meds. Be smart about it. Pick supports that have the least side-effects. And don't become habituated or addicted.
The goal is to keep from freaking out so you can reduce or eliminate the anxiety. Once you are centered, you can choose to stay with symptom relief or to confront to address anxiety's roots.
Confronting your anxiety means accepting physical discomfort, using it to wake up to the beliefs, models, and perceptions that fuel anxiety. For example to explore why you project doom and gloom, or why you worry about scary scenarios and minimize the positive ones.
Taking it Home
The ultimate confrontation is with fear of uncertainty, change, death, and debilitating illness. Confront these and identify with your calm center, confident that you will be ready for anything. Then anxiety becomes what Tsoknyi Rinpoche calls a "beautiful monster", that comes and goes. Let it be but don't serve it tea.
My advice to a person I coach, who is freaking out because he is afraid that he will never recover from a series of health issues that have disrupted his life, was:
You do best to calm down and listen to what the doctors say.
You don't need to be a monk or Buddha to be calm in the face of uncertainty and pain.
You know how to sit and follow your breath.
You know how to allow the feelings to be what they are without pushing them away or trying to hide from them.
You know that everything is impermanent and that there will be disappointments, pain, and suffering.
Anyone in your place would be scared and would want to be well again.
At this moment, you are doing all you can.
Clinging to your vision of how things must be for you to be happy is bound to make you unhappy.
Keep your vision of better health and the life you want.
Do your best to make it happen. But don't cling to it.
Accept what you can't change.
Realize that you can handle anything.
For the moment get and take your pain and anxiety meds until you can be calm and present without them.
Accept and let go.
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