Thank you for reaching out to Atlassian Community!
The field Severity can be edited directly from the Custom fields page.
Please, go to Cog icon > Issues > Custom fields.
Search for the Severity field and click on “Context and default value”.
On the next page, you will see the option to “Edit options” where you can edit or add new severities.
Hope this helps!
If you have any other questions regarding this matter, please let us know.
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