Nope. There is no emergency, or the audio system has a problem. This is the sound standard for emergency warning system or Emergency Broadcast System (EBS).
This sound is recorded on 128 kps / bit rate, but is very hight. It is NOT recommended to be hight volume of sound during this test.
Soundbooth
Test of Emergency Broadcast System Loop for sisteme audio.
mp3 file / 29.3 KB / 128 kbps