quod prope metum res fuerat

Hi, there:

Romani ovantes ac gratulantes Horatium accipiunt, eo maiore cum gaudio quod prope metum res fuerat.

My try for a loose translation:

The rejoicing Romans receive Horatius with greater delight which had become something dreadful (literally: which had been a thing that is close to fear?)

Could anyone see if I get it right? Especially for the bold part.

Thanks in advance.