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In America these guys are called yellowjackets. They swarm around your picnic, sting you , and are a general nuisance. Australians refer to them as "Europeans Wasps" and tend to become a little panicky when one is around. Not quite high-pitched squeal, but getting there. Which is surprising, because there are way more poisonous critters in Australia than there are in the States.
At any rate, everyone can agree that this wasp is nothing compared to the absolutely terrifying insects described on this page...
Scary Bugs!