I would instead use the analogy of weather in the context of urban planning around floodplains, building standards, etc. These are typically based on 50 or 100 year storm events. If you look at a 15 year average, these standards look like overkill.
EDIT: Lo and behold, another downvote. What in the way I've structured my argument or my logic is flawed? Or is it just more satisfying to downvote those you disagree with? Anyway, downvote away, you're only lowering yourself. I don't care.
In short, it's all too easy to let it become a vicious cycle that simply is not justified based on the actual damage done by terrorism.
To circle back to your analogy to floods – I'm not sure about what you're suggesting. Are you saying we need to look at a larger timeframe? If so, I would point out that I was considering precisely the timeframe you suggested. But, beyond that, looking over the last 100 years, SIDS and choking have certainly killed more... and I would expect they'd continue to do so over the next 100, even if the current anti-terrorism measures were never enacted.
"Considerable variability" doesn't begin to cut it. Deaths from terror attacks follow a power law. That's why it doesn't make sense to compare them to fundamentally linear phenomena like traffic or smoking deaths. Coincidentally (or not), flood levels also follow a power law.
The thing about a power law phenomenon is that you can use it to justify an arbitrarily high prevention spend, because given the sample you have, you can guarantee an event lying outside it. Repeat ad infinitum.
After that, pg stopped showing karma scores in the comments.