Example of high severity & low priority bug?

Suppose there is an application which generates some 
banking related reports weekly, monthly, quarterly & yearly 
by doing some calculations. In this application, there is a 
fault while calculating yearly report. This is a high 
severity fault but low priority because this fault can be 
fixed in the next release as a change request.


High Severity And Low Priority----If  there is an 
application , if that application crashes after mulple use 
of any functionality (exa--save Button use 200 times then 
that application will crash)

Means High Severity because application chrashed but Low 
Priority because no need to debug right now you can debug 
it after some days.

Appellation action is inconsistence, so that defect will 
call as severity & low priority bug.

High Seviority and Low Priority
 
Whenever some functionalities are not available then the 
test engineer will consider them as High Seviority 
defects,but if that part is under development then the 
project lead will be given Low Priority for those defects.

the above answear Rafi said is correct.

Generally the Terms Seviority and Priority are having the 
same meaning

The term Seviority is used by the Test engineers, where as 
the term Priority is given by the Developers 

the term high and low can be used depending on the bug how 
far which impacted the application/functinality.

if any of the functionality is not working in Testing 
Environment then Test engineers will give name as high 
severity for that, suppose the same functionality is out of 
scope/under development, Developers will assign low 
priority for that

this is what i understood 
pls correct me if im wrong.