<p>Lightning is a natural, unpredictable event with high current, voltage, and heat. An inadequate lightning protection system (LPS) can put surrounding structures, people, and expensive equipment at risk, resulting in human life (R₁), critical services (R₂), and cultural heritage (R₃) loss. It is essential to identify the key parameters for mitigating lightning risk. This manuscript will guide readers in the assessment of lightning risk as specified in the IEC 62305-2:2010-12-part 2 standard for structures containing explosive materials. Lightning risk assessments aim to reduce all risk factors by using appropriate protective measures. Starting with the structure’s unprotected state, minimize remaining risk until lightning risk analysis reaches the acceptable risk threshold. Numerous case studies here aim to determine how changing lightning protective techniques affects lightning risk assessment findings. Based on the findings of case studies, this manuscript recommends appropriate procedures for selecting lightning protection systems. To get a more precise estimate of human life loss risk, the duration of presence and the number of individuals in the explosive zone are also taken into account.</p>