White Friday is not just an expression to describe the events of Wednesday the 13th December 1916 but a series of events that relates to lavines (avalanches) that winter in the Italian alps. Most likely did the expression come from media that first on there 15th understood the grand scale of the disaster. Others suggest that it is because it describes series of days that followed.
When most historians describe the outcome of the disaster they relate to all the casualties and events that occurred that December. 2000 to 10000 deaths (depending on who you talk to).