"Sanctuary"

When I watched the Live at the Bloomsbury Theatre, London DVD a couple days ago, I also noticed an ambiguity in the lyrics of "Sanctuary," specifically in the line "When all around seems to be trouble."  It could be parsed in two different ways:  either "all" as the subject and "trouble" as a predicate adjective or "all around" as an adverbial phrase (modifying "seems to be") and "trouble" as the subject (with the structure inverted, rather than the more prosaic "When trouble seems to be all around").