What does “not the end of the world” mean?

not the worst thing that could happen to sb

How is “not the end of the world” used?

In My Fellow Americans (1996), one line is: “Oh, cork it! It's not the end of the world, you know?”

The clip at the top of this page is from My Fellow Americans (1996).

Oh, cork it! It's not the end of the world, you know?

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