Yes, because a flywheel is a very efficient device for producing flying shrapnel. It's already storing kinetic energy, it's simply a matter of letting all that kinetic energy loose. Energy storage flywheels have injured people in the past and even led to some flywheel energy storage startups going out of business[0]. However, with proper safety standards we can prevent many disasters.
[0]http://www.sandiegouniontribune.com/business/sdut-quantum-en...