"An asteroid this size impacts Earth on average every few thousand years and could cause severe damage to a local region," the European Space Agency said.

YR4 has now been reassigned to Torino Scale Level Zero, the level for 'No Hazard' as additional tracking of its orbital path has reduced its possibility of intersecting the Earth to below the 1-in-1000 threshold.

YR4 asteroid, which is nearly the size of a football field, now has roughly a 0.004% chance of hitting Earth in about eight years, according to the space agency's latest calculations. The Center for Near-Earth Object Studies previously projected a 3% chance of the asteroid striking our planet before lowering the chance to 0.