Nothing so bad but might have been worse
nothing so bad but (it) might have been worse
dated Regardless of how bad, unfortunate, or undesirable this current situation is, it always could have been much worse. A: "That storm was devastating on our crops." B: "Well, at least we have enough left to tide us over till next season. Nothing so bad but it might have been worse." I know you've been a bit depressed since being left wheelchair bound after the accident. But you're still alive, and you still have full use of your wonderful mind, so after all is said and done, nothing so bad but might've been worse.
Nothing so bad but (it) might have been worse.
Prov. Although bad things do happen, they are not as bad as other things you can imagine that might have happened. Joan: This is like a nightmare! My house burned down—I lost everything! Nancy: At least you and your family are safe. Nothing so bad but might have been worse. My bicycle tire blew out, but at least it blew out within walking distance of a repair shop. Nothing so bad but it might have been worse.