You have to disable the disable NPAPI flag in opera://flags
However, in O34, my java stopped working even with the flags and plugins properly set; I don't know if that's a bug or deliberate. You may want to keep O32 & 33 on hand or switch to Firefox, which will support Java until Dec 2016.
re: Java/Flash vulnerabilities. The purpose of a browser is to display content first, safely second; browsers are not security products.