Formula 1 racetrack shortened, leading to car crash (6)

I believe the answer is:
fiasco
'crash' is the definition.
The definition and answer can be both related to natural events as well as being singular nouns.
Perhaps you can see a link between them that I don't see?
I don't understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for fiasco that I've seen before include "Calamity" , "Total debacle" , "Complete and disastrous failure" , "An utter mess or cock-up" , "Ignominious failure" .)
