Scientific progression in the last decades has made modern society more dependent on technology. Due to the interdependence between different components of technological infrastructure, a severe space weather event could cause a cascading effect in different aspects of modern life, from disruption in electric power grids to spacecraft malfunction and navigation problems. For example, one of the largest magnetic storms of the last century, occurring in March 1989, caused widespread effects in the Hydro-Québec power system in Canada (see e.g., Boteler, 2019). Riley et al. (2018) state that the cost of a worst-case scenario 1-in-100 years magnetic storm would include: (a) 1-2 Trillion USD dollars of economic loss; and (b) 130 million people without electrical power for several years, based on the destruction of several hundred transformers.The main driver of geomagnetic storms is the solar wind; hence, knowledge of the most severe disturbances in the solar wind is essential to both forecast and to potentially mitigate risks related to space weather events. Extreme value theory (EVT) is a statistical method developed to analyze the likelihood of occurrence of rare and severe events (see Coles, 2001; Gumbel, 1958 and references therein). This theory has been applied in different fields, from hydrology and meteorology (see e.g., Gumbel, 1958) to finance (Embrechts & Schmidli, 1994) and public health (Thomas et al., 2016). In recent decades, EVT has been applied to estimate extreme values in different aspects of solar physics and space weather. In particular, extreme value analysis has been applied to the study of extreme geomagnetic storms (