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Phrase(s): Nothing so bad but (it) might have been worse.
Prov. Although bad things do happen, they are not as bad as other things you can imagine that might have happened. • Joan: This is like a nightmare! My house burned down—I lost everything! Nancy: At least you and your family are safe. Nothing so bad but might have been worse. • My bicycle tire blew out, but at least it blew out within walking distance of a repair shop. Nothing so bad but it might have been worse.
McGrawhill's American Idioms And Phrasal Verbs