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WATCH:
Issued when the risk of hazardous weather has increased, but there is still some uncertainty about the situation. Watches are issued well in advance of a potential weather event so that people can start to think about preparations.
WARNING:
Issued when severe weather is already occurring, is imminent, or has a very high probability of happening. Warnings are issued for conditions that can pose a threat to life or property.
To give an example, a WINTER STORM WATCH is issued if snow or ice has the potential to cause dangerous conditions in the next day or two. A WINTER STORM WARNING would be issued if a dangerous winter storm was likely and only hours away.
ADVISORY:
Issued for weather conditions that don't quite warrant a warning. Advisories are for weather that may cause inconvenience, like fog, or minor flooding, but it is not necessarily a threat to life or property.