1. One or more computer-readable storage devices storing instructions which, when executed by one or more processing devices, cause the one or more processing devices to perform acts comprising: obtaining multiple events that are generated by network devices in a networking environment; processing the multiple events to identify a subset of impactful events from the multiple events, the subset of impactful events having associated device-level or link-level impacts of traffic loss or latency inflation; determining a device-level or link-level failure metric for individual impactful events in the identified subset of impactful events, the device-level or link-level failure metric being determined based on the traffic loss or latency inflation associated with the individual impactful events; determining a redundancy-related failure metric for the individual impactful events, the redundancy-related failure metric being associated with individual network devices or links in the networking environment that are configured to perform redundant failovers; and prioritizing the individual impactful events according to at least the device-level or link-level failure metric and the redundancy-related failure metric.