I head to Europe in six weeks for a lenghtly stay. I am not canceling the trip. I am, however, being very flexible as to where I go.
Except for airfare, I will have no non-refundable tickets or hotel stays. I do like taking one day tours but I have a feeling these won't be difficult to book later rathern than sooner. In the past, I have changed plans on the fly when the mood took me and this time I will do the same if the virus changes course.
I have already cancelled the Northern Italy portion of my trip but still have Northern France, parts of Germany, Finland, Sweden, Norway and England. I will probably add a week in Scotland because I like Scotland and can always find new places to explore.
I won't stay at home and worry but I will stay on top of areas to avoid. Part of travel is the concept of being flexible. Very rarely does a trip go 100% as planned.
I realize my situation is rather unique and most don't have the same flexibility or time. Whether you stay at home or travel is up to you. Whatever decision you make is the right one for you.