Extreme value distributions are statistical models used to describe the behavior of the maximum or minimum values in a dataset. They help in understanding rare events, such as the highest flood levels or the lowest temperatures, by predicting how often these extremes might occur. There are three main types of extreme value distributions: the Gumbel, Fréchet, and Weibull distributions. Each type is suited for different kinds of data and helps researchers and engineers assess risks in fields like meteorology, finance, and environmental science.