Unusual or extreme values can have devastating effects in real life. Think about floods, bankruptcy of insurers or a melt-down in a nuclear plant and The probability of a disaster needs to be extremely small. The Dutch dykes are designed so as to withstand all floods except for once every 10,000 years. Extreme value theory, a branch within probability and statistics, analyses extremal events and their probabilistic properties. In this course, you will learn the basics about rare events.