Top Definition
A sarcastic term used to highlight that something is, in fact, not fantastic. Rooted in Sarah Palin's nomination for VP in 2008, which the Republicans tout as being a great thing, when even they know it isn't.
"Hey, did you hear they're going to allow oil drilling in ANWR?"
"What, that's bulls****! Alaskatastic!"

"Congratulations, Levi! You're going to be a father!"
"That's just f***ing Alaskatastic."
by Lance Manthrob September 06, 2008
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