This is an anagram combined with a container - look for an indicator word that suggests mixing or rearranging letters, plus words that go around or contain other elements.
"Collapsing" is the anagram indicator - rearrange the letters of RAFTER around "one" (I) plus the first letter of "panic". The anagram contains these extra letters.
Answer: FIRETRAP | An anagram of RAFTER around I (one) plus P (start of panic) = F-I-R-E-T-R-A-P, meaning a dangerous building prone to fires.