This paper summarizes the results from the recently completed EBR-II Probabilistic Risk Assessment (PRA) and provides an analysis of the source of risk of the operation of EBR-II from both internal and external initiating events. The EBR-II PRA explicitly accounts for the role of reactivity feedbacks in reducing fuel damage. The results show that the expected core damage frequency from internal initiating events at EBR-II is very low, 1. 6 10−6 yr−1, even with a wide definition of core damage (essentially that of exceeding Technical Specification limits). The probability of damage, primarily due to liquid metal fires, from externally initiated events (excluding earthquake) is 3.6 10−6 yr−1. overall these results are considerably better than results for other research reactors and the nuclear industry in general and stem from three main sources: low likelihood of loss of coolant due to low system pressure and top entry double, vessels; low likelihood of loss of decay heat removal due to reliance on passive means; and low likelihood of power/flow mismatch due to both passive feedbacks and reliability of rod scram capability.