Not really equivalent. Smoking permanently leaves all kind of nasty shit in your lungs and causes cancer. Also very addictive, making moderation physically difficult (alcohol can also be addictive but not to the same extremes). Alcohol in moderation isn't really an issue. Pushing it more can give your liver a bad time, but as long as you give it a break before the point of disease it can bounce right back.

There is a societal problem especially in the UK in that it's seen as a sort of matter of pride to throw moderation out of the window and get as wasted as possible, but I have my doubts that graphic health warnings will do much about that. Either way it's more an effect of society ignoring and sometimes even shaming moderation (how many times have you been shamed for going home before you fall over on a work's night out) than the alcohol itself.