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Asteroid 2024 YR4 has 1.6% chance of hitting Earth on December 22, 2032 , NASA says.
Asteroid is now rated at Level 3 out of 10 on the Torino Impact Hazard Scale .
Scientists aren't panicking yet, but they are watching closely.
An impact on Earth could be catastrophic, but the effects would be localized, experts say.
NASA tracks close approaches and calculates the odds of asteroids, meteors and meteorites hitting Earth .
"Nobody should be scared about this," says Fast.
"The majority of near- Earth objects have orbits that don't bring them very close to Earth , and therefore pose no risk of impact," says NASA .
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