....over exaggerating the potential threat
I think the more relevant factor might be the risk-averse culture which has developed, for many reasons - good and bad - in recent years.
I can remember the days when the railway struggled on under some terrible conditions, but circumstances have changed:
1. We have a more crowded railway so disruption has a more rapid and more serious impact
2. We - quite rightly IMHO - have a higher regard for the safety of both staff and passengers
3. People are more inclined to litigation, which makes employers and service providers more cautious
4. We have a less flexible railway; something I very much regret, but it's reality. The days when you could rustle up half a dozen freight locos to retrieve failed trains are no more