It's not a mega event. At lower difficulties I would barely acknowledge its occurrence. But at Obscene or suicidal, it is so irritating I want to quit the game.
The event is the "A secret meeting blah blah blah threat blah blah the war has expanded." I'm always the one that gets boned by it. I wasn't even doing that well one game. Statistically I was 4th. I was friendly with the top 3 races and this idiotic event caused all 3 of them to declare war on me. My hatred of this event burns like the core of a neutron star.