I has once read that Morrissey wrote the song Panic right after Chernobyl.  I was able to find something on the web about this.

Morrissey was inspired to write 'Panic', the Smiths' 1986 single, whose chorus encouraged listeners to 'Hang the DJ', after he heard a Newsbeat item on the Chernobyl disaster which was immediately followed by Wham's 'I'm Your Man'.

Panic is not my favorite Smiths song, but it might be the best Smiths song.  It is a perfect little piece of pop heaven.  It is short, angry, and easy to dance to.  There is no better subject for a pop song than the end of the world.  I fine few things more enjoyable than yelling, "Hang the DJ, Hang the DJ, Hang the DJ" at the top of my lungs.

This song has aged very well.  It does not sound like it was written and recorded in the 80's to me.  If someone released this song right now it would still be good.  In the end I think that is why it is a better song that Now Soon Is Now.  That said, Now Soon Is Now is still my favorite Smiths Song