There were several shortages that took place around that time, some of which predated '94. There was a drought of 7.62x39mm caused by the abrupt shut off of cheap Chicom ammo - it took a bit for sufficient supplies of Russian, Finn, etc ammo to come in. There was also a shortage of JHP personal defense ammo caused by Metzenbaum's idea to have a 10,000 percent tax, or some such number, on ammo as well as statements that JHPs might be banned.
The primer scare was partially caused by rumors that ammunition was being date coded to go bad after a certain time.
Linda Thompson, of Waco conspiracy fame, was spreading some of these rumors at the time. She also said that reflective dots on the back of road signs were to help guide UN occupation convoys, and that the then new show "The Xfiles" was based on real NSA files. She also said that I was working for the CIA to discredit her when I argued with her.
Anyway... The shortages that took place from circa '92 to '94 were not as severe as the current one and did not involve all calibers the way things now are being hit.
Keep in mind that ARs still weren't that common in '94, nor even were AKs and the lot.
The depression (little d, for now) going on now, as well as the problems with Mexico, and now the spreading of a plague are all going to influence the shortage. However certain calibers, particularly military ones, were already getting hard to get and pricey as far back as 2006. I had to hunt around to stock up on 5.56mm back then.
In '94 you wouldn't have had to go to a Walmart and see bone empty shelves, pay 70 bucks for .380 ammo, or have to pause to ponder about when the last time you saw some .38 ammo on a shelf.