If the repository disappears from the Internet, your clean checkout will be missing the dependency. What in effect happens when you use svn:externals is that you are merely automatically telling the Subversion client to also perform a checkout/update of the given repository. It is no different than if you had done it manually.
One alternative that you could use is to run svnsync to mirror the remote repository into a local one, and then change your externals to point to the mirror. Check the Subversion book for details on svnsync.