Incorrect spelling, explanation: because of a consonant before y in the root word likely, y transforms to i when we add the suffix -hood. Therefore we receive spelling likelihood. If there is a y at the end of the word but it is preceded by a vowel, then y remains. This is why likelihood is the correct form and likelyhood is incorrect.

Correct spelling, explanation: this form is the correct spelling, because according to the rule, in the case of adding a suffix to a word ending with y, y transforms to i when it’s preceded by a consonant. Here, in the root likely, there is l before y, so y transforms to i. This is why likelihood is the correct form. Likelyhood is incorrect for the exact same reason. The only correct spelling is likelihood.

Definition of likelihood:
noun, a state of being probable, a chance of something
The likelihood of occurrence of such symptoms is high in your case.
The likelihood of food price crises increases.