damage control

an attempt to reduce damage caused by a previous failure, when fixing such a failure is either temporarily or permanently impossible, or undesirable due to risk

Ex 1:

Bill: I lost 50 grand...I'm definitely gonna win them back next game. I feel good about this, man.

Dave: Nah, you should be on damage control. Consider your 50 grand a sunk cost.

Ex 2:

James: I can't believe I missed that event...there's not a fuck I can do now.

Steve: You'll have to work extra hard to play catch up. You're on damage control now.

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