Good point. I find it hard to remember whether Facebook ever participated in an initiative like this one. I also wonder if majority of dedicated FB users would actually care to pay attention.
It would be interesting if all major websites had this sort of alert system. They already know about where you are and as less and less people watch regular broadcast television it isn't always obvious what is going on with regards to weather. Here in the Midwest it would be pretty great to be able to see that there was a tornado warning or something in my area. In this example it could provide specific information for the particular area.
One I was thinking.. why can't Facebook put an 'Alert box' on everyones Facebook feed if they're in that area.