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1.
Self explanitory. Used as a response to when something of naught value has happened
News reporter: After the assassin finished off his rampage of brutally murdering The Jonas Brothers, he proceeded to then hijack Mel Gibson's private jet, where they were forced to crash land in the pacific ocean. And nothing of value was lost.'

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av John Handpenis 3 februari 2010
 
2.
A specific reference to an episode of The Critic, in which a Jay Sherman reacts to a flaming parade float crashing into a production of the broadway show Cats.
1000 Coldplay CD's fell into the river? And nothing of value was lost!
av asterios jones 22 juni 2011