The Dow Chemical Fire and Explosion Index method was applied to study the consequences of fire and explosion accidents in ethylene storage tanks at a company in Nantong. The results indicate that the fire and explosion risk consequences of the ethylene storage tanks were severe, with an exposure radius of 49.15 m and an exposure area of 7 585.37 m2 before implementing safety compensation measures. After implementing targeted process controls, material isolation and fire prevention measures, the post-safety compensation consequences of fire and explosion accidents were reduced to a lower risk level, with an exposure radius of 20.64 m and an exposure area of 1 337.67 m2. These results demonstrate that safety compensation measures can effectively reduce the severity of risks and the impact scope of fire and explosion accidents in ethylene storage tanks. However, during actual operations, the exposure radius and hazardous coverage area still exceeded the protective range of the tank dike system. Therefore, additional measures are required to further reduce safety risks.