>>Risk is a function of both the likelihood and consequences of failure.
Only in a mathematical argument. Failures are difficult to deal with personally, especially if you have to deal with them repeatedly without any sign of success around. The typical result is frustration gradually turning into a form of burnout and depression.
You describe just another consequence of failure and your example therefore still fit the original statement about risk and consequence of failure.
While the consequences you describe can be seen as quite severe, the risk of them is, in my opinion and experience, a lot lower than the risk of failure alone. The chance of failing AND consequently falling into burnout or, less likely, depression, seems rather small to me.
Only in a mathematical argument. Failures are difficult to deal with personally, especially if you have to deal with them repeatedly without any sign of success around. The typical result is frustration gradually turning into a form of burnout and depression.