When possible, measure security in attacker dollars.
What's interesting here is that, just 5 years ago, the 2017 cost of this very attack (the Stevens attack) was estimated at 2^18.4 = $350k [0]. The collision announced today cost about $100k. Perhaps even less. [1]
Cloud computing is cheaper today than many expected it to be, and it seems like we're only now entering the era of fierce competition. Who knows what the next decade will bring. If your modeled attacker cost is within an order of magnitude or two of the danger zone, beware. Better to have many orders of magnitude of headroom.
Along these lines, I really like what cperciva did with attacker cost modeling in his scrypt paper. See the table on page 14 [2]. I wish more security choices were presented this way, with estimated attacker costs. Taking that even further, I wish the numbers were updated dynamically against present day hardware & compute costs. Maybe even with trendline projections. It's difficult to make good security choices without knowing costs.
[0] https://www.schneier.com/blog/archives/2012/10/when_will_we_...
[1] https://sites.google.com/site/itstheshappening/
[2] https://www.tarsnap.com/scrypt/scrypt.pdf