Although ive not heard of there being any effect on the lungs, even during a panic attack your lungs are not being damaged in any way, it is just where you are hyperventilating and your breathing higher up in your chest rather than your diaphram, this changes the blood chemistry, but is not
dangerous. As soon as the panic attack
is over your breathing clams, you start to breath from your diaprham again and you start to feel less symptoms.