While I'm with the no-to-real-world-themed-events crowd I certainly don't mind events (and their increased density) in that time. I always loved the games in which during the events players could interact with devs/GMs in some way - it always brought community together and made the game feel as much more than just a artificial world.
So many anti-event curmudgeons... gosh! lol, I'm joking.
I agree with those who want events, but tailored to Terminus. There are already many great ideas in this thread.
I think it'd be too time intensive to make a different holiday for every race. If VR has the resources it'd be cool to see three takes on each holiday, one for each continent. The three races on each continent intermingle the most so it's reasonable that their cultural holidays spread among the other two on the continent.
Ex. 1: Instead of Valentine's Day, the Skar celebrate a time to get vengeance on those who have wronged them. The ogres and dark myr pick up on this and celebrate it as well even if not as hardcore as the Skar. Meanwhile, the halflings see that same period as a time of most fertility where unions and courting are escalated to ridiculous norms.
Ex. 2: Instead of Halloween, Gnomes dedicate that month to keeping in touch with your darker emotions and the associated gods. Meanwhile, humans are celebrating history, specifically the war against the former god Ossari. Children are known to dress up as some of the nightmares of war that descended upon the humans and have mock battles with each other.
To appease those against events and conserve resources, VR could also implement one Terminus holiday event per continent per real world holiday so there are places to go where you'll have zero interactions with any event related activities. So Kingsreach might celebrate some Halloween-esque event, then Whitethaw does a Valentine's inspired event, etc.
My last point is on exclusivity. I rarely go for these event items, but love that others are so into it. I think it's fine as long as it's not items that feel required. Things like cosmetics or emotes seem like the best kind of rewards. As Prindan and Jothany brought up, people love exclusivity. Even if it's just a different color of the same item for each year, it makes people feel happy about their collection. Things like "Oh! Where did you get that PINK hat from? I only saw the green one for the event!" I'm sure never get old to hear.