Firstly, I am not writing any of this to be scaremongering and it is NOT political....
Choosing not to travel at the moment is a perfectly rational response to the global situation, maybe a bit more rational than a slightly gung ho 'I don't care about politics, i'm going anyway!' attitude. Circumstances are simply not the same today as they were during previous periods of instability. That is not to say levels of risk are massively high but it is worth being at least 'aware' and prepared in case something does happen.
Anyone who says they know what is going to happen in the next few weeks/months is a liar. No one knows, including the parties involved. If I am being particularly honest I would change that to no one knows, PARTICULARLY the parties involved. A combination of hubris and the impact of ideological changes and experienced staff losses means there is a lot more uncertainty about what might happen. This is not helped by challenges to to relationships with (former?) allies. If you are the kind of traveller that takes comfort in reading government travel advice I would look to expand the range of sources you refer to. Some sources are perhaps not what they once were. This statement is not political, I would say the same thing no matter who is in power.
You need to be prepared for what 'might' happen. Direct physical attacks on Europe are unlikely but not impossible. It's not about the use of traditional warfare, for example missiles, it's the other stuff that can be used to disrupt life. Drones launched within countries can cause a lot of damage, both actual and just from inconvenience as authorities respond. Russia has used local criminals across Europe as part of a parcel bomb plots. You can guarantee there are actors across Europe and the US waiting to be instructed to act
That said, i would be much more concerned about the risk from cyber attacks, taking out financial and communication systems, air traffic control, airline ticketing....the list is endless and they could have some serious impacts on a trip.
If you do plan to travel it is a good idea to have a decent contingency plan for if something does happen. You can't guarantee travel insurance will cover you and your government might not be willing, or able, to help.
Do you have easy access to enough money to cover extending your stay if you simply can't get home? The bills for people stuck around the world because of the middle east situation are running into thousands and insurance isn't covering it.
Make sure you have more medicine than you need for the planned length of your trip.
How will you access money if financial systems go down? Personally i would bring some cash.
What if ticketing systems go down? It's probably a good idea to print back ups.
Do you know important phone numbers and email addresses? Don't just assume you will be able to access them in your phone. Print those out as well
This might all seem like overkill but if you do decide to travel this year a bit of preparation might go a long way to helping you if something bad does happen.