diff --git a/makefiles/dependency_resolution.inc.mk b/makefiles/dependency_resolution.inc.mk
index 827a1e17a6c1..7b15ea2ef109 100644
--- a/makefiles/dependency_resolution.inc.mk
+++ b/makefiles/dependency_resolution.inc.mk
@@ -38,4 +38,12 @@ else
   # Sort and de-duplicate used modules and default modules for readability
   USEMODULE := $(sort $(USEMODULE))
   DEFAULT_MODULE := $(sort $(DEFAULT_MODULE))
+
+  # Warn about used deprecated modules
+  include $(RIOTMAKE)/deprecated_modules.inc.mk
+  DEPRECATED_MODULES_USED := $(sort $(filter $(DEPRECATED_MODULES),$(USEMODULE)))
+  ifneq (,$(DEPRECATED_MODULES_USED))
+    $(shell $(COLOR_ECHO) "$(COLOR_RED)Deprecated modules are in use:$(COLOR_RESET)"\
+                          "$(DEPRECATED_MODULES_USED)" 1>&2)
+  endif
 endif
diff --git a/makefiles/deprecated_modules.inc.mk b/makefiles/deprecated_modules.inc.mk
new file mode 100644
index 000000000000..05d49d2083c2
--- /dev/null
+++ b/makefiles/deprecated_modules.inc.mk
@@ -0,0 +1,3 @@
+# Add deprecated modules here
+# Keep this list ALPHABETICALLY SORTED!!!!111elven
+DEPRECATED_MODULES += event_thread_lowest
diff --git a/sys/event/thread.c b/sys/event/thread.c
index 999ff1371e49..2c192620b2ec 100644
--- a/sys/event/thread.c
+++ b/sys/event/thread.c
@@ -21,21 +21,31 @@
  * @}
  */
 
+#include "architecture.h"
 #include "thread.h"
 #include "event.h"
 #include "event/thread.h"
 
-static void *_handler(void *event_queue)
+struct event_queue_and_size {
+    event_queue_t *q;
+    size_t q_numof;
+};
+
+static void *_handler_thread(void *tagged_ptr)
 {
-    event_queue_claim(event_queue);
-    event_loop(event_queue);
+    event_queue_t *qs = ptrtag_ptr(tagged_ptr);
+    /* number of queues is encoded in lower pointer bits */
+    size_t n = ptrtag_tag(tagged_ptr) + 1;
+    event_queues_claim(qs, n);
+    /* start event loop */
+    event_loop_multi(qs, n);
 
     /* should be never reached */
     return NULL;
 }
 
-void event_thread_init(event_queue_t *queue, char *stack, size_t stack_size,
-                       unsigned priority)
+void event_thread_init_multi(event_queue_t *queues, size_t queues_numof,
+                             char *stack, size_t stack_size, unsigned priority)
 {
     /* For the auto_init use case, this will be called before main gets
      * started.  main might already use the queues, so they need to be
@@ -43,9 +53,12 @@ void event_thread_init(event_queue_t *queue, char *stack, size_t stack_size,
      *
      * They will be claimed within the handler thread.
      */
-    event_queue_init_detached(queue);
+    event_queues_init_detached(queues, queues_numof);
 
-    thread_create(stack, stack_size, priority, 0, _handler, queue, "event");
+    void *tagged_ptr = ptrtag(queues, queues_numof - 1);
+
+    thread_create(stack, stack_size, priority, 0, _handler_thread, tagged_ptr,
+                  "event");
 }
 
 #ifndef EVENT_THREAD_STACKSIZE_DEFAULT
@@ -78,48 +91,43 @@ void event_thread_init(event_queue_t *queue, char *stack, size_t stack_size,
 #define EVENT_THREAD_LOWEST_PRIO   (THREAD_PRIORITY_IDLE - 1)
 #endif
 
-#ifdef MODULE_EVENT_THREAD_HIGHEST
-event_queue_t event_queue_highest;
-static char _evq_highest_stack[EVENT_THREAD_HIGHEST_STACKSIZE];
-#endif
-
-#ifdef MODULE_EVENT_THREAD_MEDIUM
-event_queue_t event_queue_medium;
-static char _evq_medium_stack[EVENT_THREAD_MEDIUM_STACKSIZE];
-#endif
-
-#ifdef MODULE_EVENT_THREAD_LOWEST
-event_queue_t event_queue_lowest;
-static char _evq_lowest_stack[EVENT_THREAD_LOWEST_STACKSIZE];
-#endif
+/* rely on compiler / linker to garbage collect unused stacks */
+static char WORD_ALIGNED _evq_highest_stack[EVENT_THREAD_HIGHEST_STACKSIZE];
+static char WORD_ALIGNED _evq_medium_stack[EVENT_THREAD_MEDIUM_STACKSIZE];
+static char WORD_ALIGNED _evq_lowest_stack[EVENT_THREAD_LOWEST_STACKSIZE];
 
-typedef struct {
-    event_queue_t *queue;
-    char *stack;
-    size_t stack_size;
-    unsigned priority;
-} event_threads_t;
-
-const event_threads_t _event_threads[] = {
-#ifdef MODULE_EVENT_THREAD_HIGHEST
-    { &event_queue_highest, _evq_highest_stack, sizeof(_evq_highest_stack),
-        EVENT_THREAD_HIGHEST_PRIO },
-#endif
-#ifdef MODULE_EVENT_THREAD_MEDIUM
-    { &event_queue_medium, _evq_medium_stack, sizeof(_evq_medium_stack),
-        EVENT_THREAD_MEDIUM_PRIO },
-#endif
-#ifdef MODULE_EVENT_THREAD_LOWEST
-    { &event_queue_lowest, _evq_lowest_stack, sizeof(_evq_lowest_stack),
-        EVENT_THREAD_LOWEST_PRIO },
-#endif
-};
+event_queue_t event_thread_queues[EVENT_QUEUE_PRIO_NUMOF];
 
 void auto_init_event_thread(void)
 {
-    for (unsigned i = 0; i < ARRAY_SIZE(_event_threads); i++) {
-        event_thread_init(_event_threads[i].queue,
-                _event_threads[i].stack, _event_threads[i].stack_size,
-                _event_threads[i].priority);
+    if (IS_USED(MODULE_EVENT_THREAD_HIGHEST)) {
+        /* In order to allow highest priority events to preempt all others,
+         * high priority events must be run in their own thread. This thread
+         * can preempt than preempt the other event thread(s). */
+        event_thread_init(EVENT_PRIO_HIGHEST,
+                          _evq_highest_stack, sizeof(_evq_highest_stack),
+                          EVENT_THREAD_HIGHEST_PRIO);
+    }
+    if (IS_USED(MODULE_EVENT_THREAD_MEDIUM)) {
+        /* In order to allow medium priority events to preempt low priority
+         * events, we need to move the low priority events into their own
+         * thread. The always existing medium priority event thread can then
+         * preempt the lowest priority event thread. */
+        event_thread_init(EVENT_PRIO_LOWEST,
+                          _evq_lowest_stack, sizeof(_evq_lowest_stack),
+                          EVENT_THREAD_LOWEST_PRIO);
+    }
+
+    event_queue_t *qs = EVENT_PRIO_MEDIUM;
+    size_t qs_numof = 1;
+    if (!IS_USED(MODULE_EVENT_THREAD_HIGHEST)) {
+        qs = EVENT_PRIO_HIGHEST;
+        qs_numof = 2;
+    }
+    if (!IS_USED(MODULE_EVENT_THREAD_MEDIUM)) {
+        qs_numof++;
     }
+    event_thread_init_multi(qs, qs_numof,
+                            _evq_medium_stack, sizeof(_evq_medium_stack),
+                            EVENT_THREAD_MEDIUM_PRIO);
 }
diff --git a/sys/include/event.h b/sys/include/event.h
index fb06d27f1973..01ec3966fd7e 100644
--- a/sys/include/event.h
+++ b/sys/include/event.h
@@ -104,6 +104,7 @@
 #include "irq.h"
 #include "thread.h"
 #include "thread_flags.h"
+#include "ptrtag.h"
 
 #ifdef __cplusplus
 extern "C" {
@@ -147,12 +148,11 @@ struct event {
 /**
  * @brief   event queue structure
  */
-typedef struct {
+typedef struct PTRTAG {
     clist_node_t event_list;    /**< list of queued events              */
-    thread_t *waiter;           /**< thread ownning event queue         */
+    thread_t *waiter;           /**< thread owning event queue          */
 } event_queue_t;
 
-
 /**
  * @brief   Initialize an array of event queues
  *
diff --git a/sys/include/event/thread.h b/sys/include/event/thread.h
index 251ee92ce36b..940553c5760f 100644
--- a/sys/include/event/thread.h
+++ b/sys/include/event/thread.h
@@ -12,6 +12,39 @@
  * @ingroup     sys_event
  * @brief       Provides utility functions for event handler threads
  *
+ * Usage
+ * =====
+ *
+ * By using the module `event_thread`, the event queues
+ * @ref EVENT_PRIO_HIGHEST, @ref EVENT_PRIO_MEDIUM, and
+ * @ref EVENT_PRIO_LOWEST are provided and declared in the header
+ * `event/thread.h`. With default settings, the `auto_init` module will
+ * automatically start one or more threads to handle these
+ * queues.
+ *
+ * By default, a single thread with priority `EVENT_THREAD_MEDIUM_PRIO`
+ * will handle all three event queues according to their priority.
+ * An already started event handler will not be preempted in this case by an
+ * incoming higher priority event. Still, lower priority event queues will only
+ * be worked on once the higher priority queues are empty. Hence, the worst case
+ * latency is increased by the worst case duration of any possible lower
+ * priority event in this configuration.
+ *
+ * By using module `event_thread_highest`, the highest priority queue gets its
+ * own thread. With this, events of the highest priority can preempt already
+ * running event handlers of medium and lowest priority.
+ *
+ * By using module `event_thread_medium`, the lowest priority events are handled
+ * in their own thread. With this, events of at least medium priority can
+ * preempt already running events of the lowest priority.
+ *
+ * By using both module `event_thread_highest` and `event_thread_medium`, each
+ * event queue gets its own thread. So higher priority events will always
+ * preempt events of lower priority in this case.
+ *
+ * Finally, the module `event_thread_lowest` is provided for backward
+ * compatibility and has no effect.
+ *
  * @{
  *
  * @file
@@ -31,6 +64,22 @@
 extern "C" {
 #endif
 
+/**
+ * @brief   Convenience function for initializing an event queue thread
+ *          handling multiple queues
+ *
+ * @param[in]   queues          array of the preallocated queue objects
+ * @param[in]   queues_numof    number of elements in @p queues
+ * @param[in]   stack           ptr to stack space
+ * @param[in]   stack_size      size of stack
+ * @param[in]   priority        priority to use
+ *
+ * @pre     @p queues_numof is at most 4
+ */
+void event_thread_init_multi(event_queue_t *queues, size_t queues_numof,
+                             char *stack, size_t stack_size,
+                             unsigned priority);
+
 /**
  * @brief   Convenience function for initializing an event queue thread
  *
@@ -39,23 +88,41 @@ extern "C" {
  * @param[in]   stack_size  size of stack
  * @param[in]   priority    priority to use
  */
-void event_thread_init(event_queue_t *queue, char *stack, size_t stack_size,
-                       unsigned priority);
+static inline void event_thread_init(event_queue_t *queue,
+                                     char *stack, size_t stack_size,
+                                     unsigned priority)
+{
+    event_thread_init_multi(queue, 1, stack, stack_size, priority);
+}
 
-#ifdef MODULE_EVENT_THREAD_HIGHEST
-extern event_queue_t event_queue_highest;
-#define EVENT_PRIO_HIGHEST (&event_queue_highest)
-#endif
+/**
+ * @brief   Event queue priorities
+ *
+ * @details The lower the numeric value, the higher the priority. The highest
+ *          priority is 0, so that these priorities can be used as index to
+ *          access arrays.
+ */
+enum {
+    EVENT_QUEUE_PRIO_HIGHEST,   /**< Highest event queue priority */
+    EVENT_QUEUE_PRIO_MEDIUM,    /**< Medium event queue priority */
+    EVENT_QUEUE_PRIO_LOWEST,    /**< Lowest event queue priority */
+    EVENT_QUEUE_PRIO_NUMOF      /**< Number of event queue priorities */
+};
 
-#ifdef MODULE_EVENT_THREAD_MEDIUM
-extern event_queue_t event_queue_medium;
-#define EVENT_PRIO_MEDIUM (&event_queue_medium)
-#endif
+extern event_queue_t event_thread_queues[EVENT_QUEUE_PRIO_NUMOF];
 
-#ifdef MODULE_EVENT_THREAD_LOWEST
-extern event_queue_t event_queue_lowest;
-#define EVENT_PRIO_LOWEST (&event_queue_lowest)
-#endif
+/**
+ * @brief   Pointer to the event queue handling highest priority events
+ */
+#define EVENT_PRIO_HIGHEST  (&event_thread_queues[EVENT_QUEUE_PRIO_HIGHEST])
+/**
+ * @brief   Pointer to the event queue handling medium priority events
+ */
+#define EVENT_PRIO_MEDIUM   (&event_thread_queues[EVENT_QUEUE_PRIO_MEDIUM])
+/**
+ * @brief   Pointer to the event queue handling lowest priority events
+ */
+#define EVENT_PRIO_LOWEST   (&event_thread_queues[EVENT_QUEUE_PRIO_LOWEST])
 
 #ifdef __cplusplus
 }
diff --git a/tests/event_thread_shared/Makefile b/tests/event_thread_shared/Makefile
new file mode 100644
index 000000000000..52eb82bb3077
--- /dev/null
+++ b/tests/event_thread_shared/Makefile
@@ -0,0 +1,5 @@
+include ../Makefile.tests_common
+
+USEMODULE += event_thread
+
+include $(RIOTBASE)/Makefile.include
diff --git a/tests/event_thread_shared/Makefile.ci b/tests/event_thread_shared/Makefile.ci
new file mode 100644
index 000000000000..b9ff27537587
--- /dev/null
+++ b/tests/event_thread_shared/Makefile.ci
@@ -0,0 +1,3 @@
+BOARD_INSUFFICIENT_MEMORY := \
+    nucleo-l011k4 \
+    #
diff --git a/tests/event_thread_shared/main.c b/tests/event_thread_shared/main.c
new file mode 100644
index 000000000000..380e34277865
--- /dev/null
+++ b/tests/event_thread_shared/main.c
@@ -0,0 +1,59 @@
+/*
+ * Copyright (C) 2020 Kaspar Schleiser <kaspar@schleiser.de>
+ *               2020 Freie Universität Berlin
+ *               2020 Inria
+ *
+ * This file is subject to the terms and conditions of the GNU Lesser
+ * General Public License v2.1. See the file LICENSE in the top level
+ * directory for more details.
+ */
+
+/**
+ * @ingroup     tests
+ * @{
+ *
+ * @file
+ * @brief       Event threads test application
+ *
+ * @author      Kaspar Schleiser <kaspar@schleiser.de>
+ *
+ * @}
+ */
+
+#include <stdio.h>
+
+#include "thread.h"
+#include "event/thread.h"
+
+static void _handler_high(event_t *event) {
+    (void)event;
+    puts("high");
+}
+
+static event_t event_high = { .handler=_handler_high };
+
+static void _handler_medium(event_t *event) {
+    (void)event;
+    event_post(EVENT_PRIO_HIGHEST, &event_high);
+    puts("medium");
+}
+
+static event_t event_medium = { .handler=_handler_medium };
+
+static void _handler_low(event_t *event) {
+    (void)event;
+    event_post(EVENT_PRIO_MEDIUM, &event_medium);
+    event_post(EVENT_PRIO_HIGHEST, &event_high);
+    puts("low");
+}
+
+static event_t event_low = { .handler=_handler_low };
+
+int main(void)
+{
+    event_post(EVENT_PRIO_LOWEST, &event_low);
+
+    puts("main done");
+
+    return 0;
+}
diff --git a/tests/event_thread_shared/tests/01-run.py b/tests/event_thread_shared/tests/01-run.py
new file mode 100755
index 000000000000..6ed171eb8fc5
--- /dev/null
+++ b/tests/event_thread_shared/tests/01-run.py
@@ -0,0 +1,16 @@
+#!/usr/bin/env python3
+
+import sys
+from testrunner import run
+
+
+def testfunc(child):
+    child.expect_exact('low\r\n')
+    child.expect_exact('high\r\n')
+    child.expect_exact('medium\r\n')
+    child.expect_exact('high\r\n')
+    child.expect_exact('main done\r\n')
+
+
+if __name__ == "__main__":
+    sys.exit(run(testfunc))
diff --git a/tests/event_threads/Makefile b/tests/event_threads/Makefile
index 00f7eab2d75e..cb838a7a481d 100644
--- a/tests/event_threads/Makefile
+++ b/tests/event_threads/Makefile
@@ -1,5 +1,5 @@
 include ../Makefile.tests_common
 
-USEMODULE += event_thread_highest event_thread_medium event_thread_lowest
+USEMODULE += event_thread_highest event_thread_medium
 
 include $(RIOTBASE)/Makefile.include
diff --git a/tests/event_threads/main.c b/tests/event_threads/main.c
index 88920d1c55fc..9b0b2f60f26b 100644
--- a/tests/event_threads/main.c
+++ b/tests/event_threads/main.c
@@ -34,6 +34,7 @@ static event_t event_high = { .handler=_handler_high };
 
 static void _handler_medium(event_t *event) {
     (void)event;
+    event_post(EVENT_PRIO_HIGHEST, &event_high);
     puts("medium");
 }
 
@@ -41,6 +42,7 @@ static event_t event_medium = { .handler=_handler_medium };
 
 static void _handler_low(event_t *event) {
     (void)event;
+    event_post(EVENT_PRIO_MEDIUM, &event_medium);
     puts("low");
 }
 
@@ -49,8 +51,6 @@ static event_t event_low = { .handler=_handler_low };
 int main(void)
 {
     event_post(EVENT_PRIO_LOWEST, &event_low);
-    event_post(EVENT_PRIO_MEDIUM, &event_medium);
-    event_post(EVENT_PRIO_HIGHEST, &event_high);
 
     puts("main done");
 
diff --git a/tests/event_threads/tests/01-run.py b/tests/event_threads/tests/01-run.py
index 3a731093d0a2..d9632bec5876 100755
--- a/tests/event_threads/tests/01-run.py
+++ b/tests/event_threads/tests/01-run.py
@@ -5,9 +5,9 @@
 
 
 def testfunc(child):
-    child.expect_exact('medium\r\n')
-    child.expect_exact('high\r\n')
     child.expect_exact('main done\r\n')
+    child.expect_exact('high\r\n')
+    child.expect_exact('medium\r\n')
     child.expect_exact('low\r\n')
 
 
diff --git a/tests/pkg_tinydtls_sock_async/dtls-client.c b/tests/pkg_tinydtls_sock_async/dtls-client.c
index 2cafecc18df6..2aefc7585637 100644
--- a/tests/pkg_tinydtls_sock_async/dtls-client.c
+++ b/tests/pkg_tinydtls_sock_async/dtls-client.c
@@ -171,7 +171,7 @@ static int client_send(char *addr_str, char *data)
     if (_sending) {
         puts("Already in the process of sending");
     }
-    event_timeout_init(&_timeouter, &event_queue_medium, &_timeout.super);
+    event_timeout_init(&_timeouter, EVENT_PRIO_MEDIUM, &_timeout.super);
     /* get interface */
     char* iface = ipv6_addr_split_iface(addr_str);
     if (iface) {
@@ -208,7 +208,7 @@ static int client_send(char *addr_str, char *data)
         return -1;
     }
 
-    sock_dtls_event_init(&_dtls_sock, &event_queue_medium, _dtls_handler,
+    sock_dtls_event_init(&_dtls_sock, EVENT_PRIO_MEDIUM, _dtls_handler,
                          data);
     res = credman_add(&credential);
     if (res < 0 && res != CREDMAN_EXIST) {
diff --git a/tests/pkg_tinydtls_sock_async/dtls-server.c b/tests/pkg_tinydtls_sock_async/dtls-server.c
index 13ac2bce8d7d..476235706d00 100644
--- a/tests/pkg_tinydtls_sock_async/dtls-server.c
+++ b/tests/pkg_tinydtls_sock_async/dtls-server.c
@@ -166,8 +166,7 @@ static int start_server(void)
     }
     _active = true;
 
-    sock_dtls_event_init(&_dtls_sock, &event_queue_medium, _dtls_handler,
-                         NULL);
+    sock_dtls_event_init(&_dtls_sock, EVENT_PRIO_MEDIUM, _dtls_handler, NULL);
     return 0;
 }
 
@@ -179,7 +178,7 @@ static int stop_server(void)
         return 1;
     }
 
-    event_post(&event_queue_medium, &_close.super);
+    event_post(EVENT_PRIO_MEDIUM, &_close.super);
     return 0;
 }