As true as all such observations may be, they miss the most obvious point about risk: that is, the key distinction between risk and catastrophe. Risk does not mean catastrophe. Risk means the anticipation of catastrophe. Risks exist in a permanent state of virtuality, and become ‘topical’ only to the extent that they are anticipated. Risks are not ‘real’, they are ‘becoming real ’ (Joost van Loon). At the moment at which risks become real - for example, in the shape of a terrorist attack - they cease to be risks and become catastrophes.