Level 2 PSA for the spent fuel pool (SFP) of the Paks NPP was completed in 2003 on the basis of analysis methods and assumptions that were considered state-of-the-art at that time. Since then, assessment tools have been developed further, the cooling systems of the SFP have been modified, the Level 1 PSA for the SFP has been substantially upgraded and dedicated emergency operating procedures as well as severe accident management guidelines (SAMGs) have been elaborated for the SFP. All these changes necessitated a thorough review of the Level 2 PSA for the SFP. Initially, numerous severe accident analyses were performed with the use of the MELCOR severe accident analysis code to determine source terms specific to the SFP and group them into release categories. Then the available Level 1 PSA for the SFP was revised considering the SAMGs relevant to the SFP. Subsequently, the release paths assuming different operating regimes of the ventilation systems were modeled for each event sequence leading to fuel damage. Finally, the event logic model was processed and quantified to calculate the frequency of large early release originated from SFP accidents, and to interpret the results. Important methodological aspects as well as key analysis findings are described in the paper.