A new and elaborate software package MAXCRED (MAXimum CREDible accident analysis) has been used for generating accident scenarios and estimating damage potential for a typical industry. Four different scenarios have been generated for explosions, fires, as well as toxic releases. The damage they would cause has been estimated. The studies indicate that a confined vapour cloud explosion followed by fire would be the worst disaster scenario and would also have the highest probability of leading to ＇cascading＇ or ＇domino＇ effects.