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Flywheels running at high speed are not made of cast iron or other things that turn in to 'shrapnel', they're made of wound filaments of carbon fibre bound with resin, usually they are designed with failure in mind. The bigger problem is dealing with the conversion of the energy in the wheel in to heat.

If we have a flywheel falling on a movable object on the floor I imagine this movable object can attain quite high speeds.

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