The city of Austin made $388,000,000 on the festival last year, so the owners have certainly done splendidly the past 34 years.
“Penny wise, pound foolish.” They will be sued, and they deserve it.
Cancelling this event is classic virtue-signalling. (”WE CARE about our attendees! That’s who we ARE!”). No insurance company I know of covers virtue-signalling.
Austin is a deep blue city. You can be sure that money they were going to get for this year’s event is already spent, so they’re now in a bit of a pickle.