Presented in a calm, modest way without exaggeration or unnecessary detail, often making something seem less important or impressive than it really is.
From under- (below) + state + -ed. The prefix under- literally means 'below' and conveys the idea of deliberately reducing emphasis or severity.
British humor is famous for being understated—saying 'that's rather inconvenient' when something is absolutely catastrophic—and it works because the contrast between the disaster and calm words makes it funnier!
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