I do "and then what" with my kid when he gets this way. Reassurances don't help stem the panic. He says "it was an assessment and I totally messed it up!" Instead of saying "no you didn't, it looks fine," which is true, I say "Hmm. Okay, well if it is totally messed up, what happens?" "My teacher will think I"m stupid!" "Huh. Okay, so she is going to think you are stupid. What will happen next?" And just step by step you walk through it, until the kid sees that each of those bad things happening are things he can survive and manage. Doesn't work during a meltdown, but it does work for my kid at that point when he's just having catastrophic thinking.