This event was unique in that we have to take action to avoid a negative (which is just a temporary debuff). Most events are positive reinforcement: if you do X, you will get good Y. This one is less common: if you don't do X, you will get bad Y.

Even though people love to complain about it, I've always been a fan of it. However, it would be good to not have it often, perhaps no more often than the Shaab Invasion on average.

Also a good time to do it would be on a weekend of double valor or ruthless fury, that way more people would be encouraged to join the arena, 7B, tournament and other PvP battles

And i agree with Trongster, not make it something that happens regularly, so you could have it set to be between shaab invasions time wise (i'm not sure on the timing between each invasion, so say it was 6 months between each shaab event, the rage of elements could be held 3 months after it, then there's 3 months for people to gain money that they may have lost before the next one)

The RoE is in achievements, so we can be fairly certain that something will be launched eventually.