How bad is shrapnel?

I'm curious, could you elaborate on the severity of shrapnel injuries? How does the type of shrapnel, its velocity, and the distance from the explosion factor into the potential damage it can cause? Are there any specific areas of the body that are more vulnerable to shrapnel wounds? Additionally, how do medical professionals treat these types of injuries, and what is the long-term prognosis for those affected? I'm particularly interested in understanding the potential financial and emotional burdens that may arise from such injuries.