The correct option is
B Failure
'Fiasco' means something planned that goes wrong and is a complete failure, usually in an embarrassing way.
Option A - 'Festival' means a special day or period, usually in memory of a religious event. Thus option A is incorrect.
Option C - 'Event' means anything that happens, especially something important. Thus option C is incorrect.
Option D - 'Misfortune' means bad luck or an unlucky event. Thus option D is incorrect.
Option B - 'Failure' means the act of someone or something not succeeding. Thus option B is the correct answer.
'Fiasco - Failure'