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The phrase "a severe price" is correct and usable in written English
It can be used to describe a significant cost or consequence associated with an action or decision. Example: "Choosing to ignore the warnings came at a severe price, as the consequences were far worse than anticipated."
Exact(19)
"No one likes to pay taxes, but the morale at the agency has been severely tested and the nation pays a severe price for that".
For had Zenph succeeded, there would have been a severe price.
South Korea, meanwhile, warned that its neighbour would pay a "severe price" if it went ahead with the launch.
"We strongly warn that the North will pay a severe price … if it goes ahead with the long-range missile launch plan".
he continued, "all we want to be able to do is respond in the event of a shortage or a severe price spike".
Concluding that she had no choice but to cooperate — otherwise, her son would surely pay a severe price — Tanesha turned over her bank statements, as the N.C.A.A. demanded.
Similar(37)
"He's paid a pretty severe price up to this date.
Alan Greenspan was more than willing to tell us that a "national severe price distortion seems most unlikely in the United States".
"At a time of severe price volatility and global market uncertainty, I believe it would be wrong to take a leap into the dark.
This was brought on by the second quarterly loss in a row, and severe price competition.
The same forces are at work in international long distance, but politically powerful phone companies looking to guard their fat long-distance profits are in a position to stave off severe price declines.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com