1. A method, in a data processing system, for handling incidents occurring in a managed environment, the method comprising: detecting, by a processor, an incident in a resource in the managed environment; identifying, by the processor, a set of incident handling actions based on incident handling rules for an incident type of the incident; from the set of incident handling actions, identifying, by the processor, one incident handling action to be executed based on a set of impact indicators associated with the set of incident handling rules; and executing, by the processor, the identified incident handling action to address the failure of the resource.