For the last three summers, IIRC, this sign has been up at ACK, the Nantucket airport. Maybe it is not up in the off-season. ACK is a very small airport, in the middle of nowhere on the island, and, if you didn't notice, it's on a small island. Let me be clear: small. Not a lot of people. Yes it gets relatively busy, I am aware of that: relatively. There are really never many people there compared to large regional airports that do not serve seasonal destinations. In other words, it is not a sensible terrorist target (the it's on an island part helps, but don't cite the Bali bombings because I've been to Bali and it is much larger, and very different in several other relevant ways).
High risk? Really? No. And what is "red", is that "we know one is about to happen"? (Let us change the posted placards first!)
Ok, DHS says it is "orange or high" for all airports. (Well which is it, orange or high? Please choose one.) Elevated, High, Severe. This sound like the US Postal Service's naming for mail, "Priority" and "First Class". Honestly if you're going to use a labeling scheme, use labels that are easily differentiated from one another.