High Quality Content by WIKIPEDIA articles! A hazard is a situation that poses a level of threat to life, health, property, or environment. Most hazards are dormant or potential, with only a theoretical risk of harm; however, once a hazard becomes "active", it can create an emergency situation. A hazard does not exist when it is not happening. A hazardous situation that has come to pass is called an incident. Hazard and vulnerability interact together to create risk.