Fiddling while Rome burns

In this case, the fiddling is euphemistic, but the burning actual. Refers to the Emperor Nero, who "fiddled around" while Rome actually was burning.

For such erudition we may award a prize, but not yet.

I have a direct modern equivalent 'Pissing down with rain'

In this case, the pissing is euphemistic, but the raining actual. Refers to the fact that the rain is falling in steady streams and not a series of separated droplets.