Can be severe, or maybe less so (6)
I believe the answer is:
losses
'can be severe' is the definition.
I can't tell whether this definition defines the answer.
'maybe less so' is the wordplay.
'maybe' indicates anagramming the letters.
'less'+'so'='lessso'
'lessso' is an anagram of 'LOSSES'.
'or' acts as a link.
Can you help me to learn more?
(Other definitions for losses that I've seen before include "They're not profits" , "Amounts by which the costs of a business exceed its revenue" .)