While I don't think the lack is a safety risk - and I do think the headline is just the usual sort of attention-whoring we expect from the media these days - having an FM radio is very useful if there is a regional emergency. And since most people are usually carrying a phone anyway, locking out that ability does them a disservice.
Personal anecdote time: back in the big blackout of 2003 that shutdown the Northeastern US, nobody's phones were working because the networks were jammed by millions of people suddenly calling each other, everyone trying to figure out what was going on. Nobody knew anything except that the lights were off and there was an increasingly nervous tension; as this was only a couple years after 9/11, the word "terrorists" was on everybody's lips. I happened to have an MP3 player with FM functionality on me, and that made me very popular, because I could relay news to everyone around me. The temper changed from twitchy nervousness to reassured cooperation, from a fearful me-first attitude to one where informed people worked together to get through the disaster.
I don't think having that radio made me any safer, but it made me - and those around me - happier because we were not cut off from the rest of the world. I still carry that little MP3 player with me, solely for its radio functions even though my phone is one of the rare devices that does have FM functionality (the phone needs a charge every day, but the mp3 player, which is only the size of a thumb-drive, runs seemingly forever on an easily-replaced AA battery).