In the past three decades cosmic events such as supernovae and the impact of large meteorites have undergone a remarkable renaissance in being considered as a trigger of radical change, not only on geological timescales but also among prehistoric cultures. In such theories, archaeological horizons indicative of destruction events are combined with evidence from dendrochronology, ice-core analysis, mythical traditions etc. and are put forward as evidence for cultural disasters caused by cosmic events. This paper critically scrutinizes the underlying concepts of “cosmic catastrophe” and “cultural disaster” as well as the methods that are meant to corroborate them. Special emphasis is placed upon the limitations that show up in analyzing myth and folklore.