A scenario that is deemed to have a significant impact but a very low possibility is known as a "high consequence, low likelihood" risk when evaluating hazards.
The impact of a risk is judged to be serious.
This indicates that although there is a risk and serious potential repercussions, there is little likelihood that it will materialize.
Companies or individuals may still need to deal with these risks by putting mitigation plans or strategies into place to lessen the impact or possibility even further, or to get ready for possible outcomes in the event that the risk event materializes. This highlights how crucial it is to weigh likelihood and impact when making decisions about risk management.