Yes. If there are no subscribers, the event will be empty and you will get a NullReferenceException when it is called. The right way to do the verification, as thecoop said, but there is a simple "shortcut":
public event EventHandler Event = delegate {};
This causes the event to have a default subscriber that does nothing, and therefore will not throw an exception if there are subscribers. There is little overhead for this, but it eliminates the need to check for zeros.
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