The video is a good guide. You should calmly place a damp towel over the hot grease and the lack of oxygen will douse the flames. If you remove the towel while the grease is still to hot, the flames will return. Always turn off the heat as soon as possible. If you do nothing and leave the house, the flames will spread to the rest of the kitchen and could burn down your house. You have to make your own decisions but you can make better decisions if you are informed and remain calm. A kitchen fire extinguisher stored away from the stove top is another choice but it is only temporary and you cannot be close to the pot when you discharge it. I have seen over and over where people pick up the pan or pot and end up spilling the burning hot grease on them selves trying to carry it out doors. It is devastating how the grease damages the skin where ever it touches. In just a few seconds it can change or end your life. Another danger is liquids in the microwave. When you raise the temperature of a liquid in the microwave to a temperature near its boiling point, the liquid is ready to release energy in some fashion. Sometimes just to disturb the surface you can cause the liquid to erupt and splash violently. The temperature is high enough to damage skin and scar. It is a good idea to let it cool before touching the vessel and look away when you first remove it from the microwave.
People ask about baking soda. Baking soda does work and is effective. The bicarbonate in the soda releases carbon dioxide, CO2, which is the component inside CO2 fire extinguishers. The CO2 displaces the oxygen that the flames require to maintain combustion. The problem is that it is hard to "throw" the baking soda and you may very well accidentally use the wrong powder in the excitement of the moment. The damp towel does the same thing as it takes away the fresh supply of oxygen and depletes quickly what is available under the towel. The heat is still there which is why you turn off the stove eye and wait until the grease temperature lowers and is more stable.
Also do not throw sugar or flour on a grease fire. One cup creates the explosive force of two sticks of dynamite.
