It's a tough call right? To serve the public trust the art should be accessible, but it's always at risk in a sense. Is some art more deserving to be in a vault in an abandoned silo safe underground while others in public spaces are at risk of destruction?
Then we get into measuring the value of art and that is a thorny topic.
I think a two pronged approach of digital "backups" and the creation of IPM systems are really the only sensible thing to do to mitigate risk.