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Space agencies are keeping a close eye on a recently discovered asteroid that has a small chance of impacting Earth. Named 2024 YR4, the asteroid has a 1.2% chance of hitting our planet on December 22, 2032, theΒ European Space AgencyΒ andΒ NASAΒ have found.

But that also means the space rock has a nearly 99% chance of safely passing by Earth in 2032, according to the ESA and NASA. Future observations of the asteroid will help scientists determine the likelihood of an impact.

The asteroid is estimated to be between 131 and 328 feet (40 and 100 meters) wide. Asteroids of this size impact Earth every few thousand years, and they can cause severe damage to local regions, according to the ESA.

The space rock has a β€œsize range comparable to that of a large building,” said Dr. Paul Chodas, director for the Center for Near Earth Object Studies, or CNEOS, at NASA’s Jet Propulsion Laboratory in Pasadena, California. Chodas added that the actual size of the asteroid, which astronomers are trying to determine with follow-up observations using multiple telescopes, is currently highly uncertain.

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