Exaggerated: The EAN or a similar alert in Real Life, the "worst of the worst" warning. In-Universe, the same thing: an Emergency Broadcast heard everywhere proclaiming an Apocalypse How level threat to the world.
Downplayed: A real Emergency Broadcast ran as a crawl (done for weather warnings in places that have a lot of them, sometimes). In-Universe, the same, or one actually ignored or relegated to a secondary story in a case of Worst News Judgment Ever.
Justified: There is an emergency present in Real Life or in story, power systems haven't been disabled and/or communications systems hacked or hijacked yet, and the system can contact a means of communication used.
The emergency broadcast system is specifically being tested in case of an actual emergency, but it is made plain it is only a test and the individuals who hear it react knowing it is simply a test.
Subverted: The emergency broadcasts, in a continuation of the above inversion, actually are encouraging people toward a Death Trap or are driving them to suicide. Or there is an emergency worthy of such widespread warning, but none is given.
Double Subverted: The broadcast encouraging people toward what seems to be a stupid action or Death Trap or outright suicide is meant to deceive viewers into believing that is actually happening in a form of I Surrender, Suckers. Or an Emergency Broadcast is issued when an emergency exists - but for one of multiple emergencies that may not be the most dangerous or relevant (such as a flash flood warning taking precedence over a far more urgent tornado warning)
Parodied: The quote at the end of the article "If this had been an actual emergency, you would have been advised to drop to your knees, grab you ankles, and kiss your ass goodbye," an Emergency Broadcast For the Lulz or for an extremely ridiculous reason, or if anything even tepidly boring is announced as if it is an apocalyptic emergency...
Zig Zagged: ???
Averted: A surprise attack or surprise disaster with no means of seeing it coming and not much that can be done afterward except clean up the damage and bury the dead.
Bob watches a warning of an Alien Invasion on a TV in a bar, turning to Charlie and mentioning how that has to be a joke, that aliens don't really exist - only to walk out of the bar and be instantly abducted.