Usually modified with “total,” the failure might not be as bad as we fear.
The origin of the word probably comes from Italian, a long time ago. The person who loses a round in a game has to buy the next bottle for the group (from: flask).
Which means that there is going to be another game.
Another performance.
Another chance to make things better.
If we’re so concerned about fiascos that we never play, we’ll never make anything better.