I have a drama king, who is also emotionally sensitive, so it's a double whammy. Sometimes I handle it well and just let him do his thing, sometimes I'm not quite as charitable. As a nondramatic/nonsensitive person, it's hard to deal with sometimes. I feel like he needs to learn perspective, but I haven't the foggiest how to teach it to him since it feels like what I've been tryin gto do to teach him hasn't been helping...but mabe it's one of those, "you're laying the groundwork so that when they're developmentally ready, it will all click" things...yes, that's what I'll keep telling myself. As soon as he can, he'll stop being so dramatic and sensitive because I've laid the groundwork with him. Fingers, toes, arms, legs, and eyes crossed.
When I handle it well (IMO), I validate, empathize, give him a couple minutes and then gently talk to him about how the situation could be handled differently/better next time. He does not like to be comforted through stuff like this, so hugging him makes it worse. As does trying to redo things, most of the time.