> 'What are you worried about, I've lived here 25 years and that mountain never did shit.' -probably some Roman citizen in Pompeii, 79 BC
(Also, earth quakes are/were pretty common throughout Italy. This perhaps contributed to complacency.)
Yes.
The relevant number is not p, the likelihood of the event.
It is something like:
EV = p * consequences
If the consequences are high enough (eg, death), then it is still rational to prepare for low probability events. Especially when the prep cost is low.
Also, fun fact, the chances of a 'Cascadia megaquake', or a full rip of the Cascadia subduction zone, is about 1 in 6 over the next 50 years. That will produce a 9.0 extending from the Mendocino triple junction off the coast of Cape Mendocino, CA to Canada. It's the same type of earthquake that destroyed Fukushima. You'll have to be pretty far inland to avoid the shaking from that.
https://pubs.er.usgs.gov/publication/pp1661F
...that has the full-fault events at ~500 year intervals, and the partial-fault events at ~240 year intervals. Last full fault event was January 26th, 1700.
This is a good introduction if you want to know more: https://www.youtube.com/watch?v=UJ7Qc3bsxjI
Its banal for a city dweller but necessary out here.
I do agree about your risk assessment. For water, those who have water heaters (rather than tankless systems) have a ready supply of drinkable water. Assuming that it isn't damaged/inaccessible after the earthquake. But, it is also possible a separate storage of water could be inaccessible after an earthquake.
Then in August we were hit by a Derecho (an inland hurricane). The entire city was without power for more than 10 days (some much longer) and temperatures in the upper nineties. The one saving grace was I still had a working water heater since it's gas powered.
All other arguments for/against prepping derive from that.
Instead, the following things have far more direct impact on me and my family: driving in traffic, walking on the street, electronics fires in my garage, the food I eat, the amount of exercise I get. I'm sure there will be a Big One at some point in the next 30 years, but in terms of risk, the basic prepping procedures handle a wider range of common problems than earthquakes.