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A "city-killer" asteroid has a slim chance to crash into Earth. Here's what to know.

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Asteroid 2024 YR4 has 1.6% chance of hitting Earth on December 22, 2032 .

Asteroid has potential for city-level devastation, depending on where it strikes.

Impact would equal eight megatons of TNT -- 500 times more than the power of the Hiroshima bomb.

Scientists aren't panicking yet, but they are watching closely, but experts say we have plenty of time to prepare.

Still, NASA tracks close approaches and calculates the odds of those space rocks — including asteroids, meteors and meteorites — impacting Earth . "The majority of near- Earth objects have orbits that don't bring them very close to Earth , and therefore pose no risk of impact, but a small fraction of them called potentially hazardous asteroids require more attention," according to the website of the Jet Propulsion Laboratory , which manages the center dedicated to studying near- Earth objects for NASA ..