Yeah, this event is annoying. Just had it for the first time, too. Wolf armor did'nt help, but I was lucky that I had a spare gear and frost resistance potions near my spawn bed. If you don't, you're screwed. This event is ridiculously OP (especially compared to the events before this tech tier, which were always manageable) and needs some tweaking badly. Making the wolf armor work against the cold again would be a start.