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Power transmission towers are tall steel lattice structures used for supporting the conductors of a power transmission line, constituting essential parts of an entire power network. Past experience has shown that even a failure of a single tower can cause cascading effects to its adjacent towers leading to a total collapse of a whole line. Transmission towers are susceptible to severe weather conditions including low temperatures, snow and high winds. Specifically, high winds in combination with ice accumulation increase the lateral and vertical loads to levels causing damages ranging from local failures to global collapse. This effect is even more intense in case of aged towers with members weakened by corrosion effects. Herein, the focus is on a single suspension transmission tower widely used in Central Europe and designed according to the EN 50341-1:2012 and EN 50341-2-4:2016 assuming installation in Germany. The structure’s fragility in both initial and corroded state against wind and icing loads was estimated via nonlinear dynamic analyses. The climatic hazard was estimated by deriving the joint probability of wind speed and ice thickness based on meteorological data obtained for Central-East Germany. Finally, the assessment of the structure’s risk for each of the two states considered was made by combining the tower’s fragility results with the climatic hazard. Assessing the risk of a single tower is a precursor of estimating the reliability of an entire power transmission network, offering a useful decision-support tool on the need to maintain or upgrade a power line network., This research has also been financed by the European Commission through the Program "ANGELHY - Innovative solutions for design and strengthening of telecommunications and transmission lattice towers using large angles from high strength steel and hybrid techniques of angles with FRP strips" with Grant Agreement Number: 753993 (Research Program of the Research Fund for Coal and Steel)