OK, so I think I have deciphered why they list environmental conditions with Challenge dice notation. It's in reference to the box in the corner of page 21.
A short drop is Easy (1d) so the character spends a manoeuvre to drop down and you make a dice pool, <P>, add any Misfortune (for crits, say.. or maybe there're rocks below), any Fortune the character summons up and maybe an Expertise dice if the character is trained in Athletics.
Banes cause Fatigue, Misses cause wounds and Chaos Stars cause crits, as shown in the box.
Running in thigh-deep water could cause extra fatigue, so roll a similar pool and only look for Banes.
Getting struck by lightning would start with <PPPP> (it's listed under Daunting.)
Everyone agree with this interpretation?