Do I need to keep the events folder for my FCP X project?

I have a project and its corresponding event folder all on a large backup. However, because of the event folder, this backup is running out of space. Will I still be able to edit my Final Cut project if I get rid of the events folder? My understanding is that when I add an event (no matter where from) into my project, that clip is copied into the project folder anyway. Is this understanding correct?
Many thanks in advance.
Zach

When you import your footage, if you select the options to 'optimise' media or if you choose to copy footage to the Event Folder, of course, you are doubling up your files (or in the case of creating optimised media, the resulting ProRes 422 footage will be between five and eight times larger than the original footage in terms of HD space required).
If you co not choose to copy or optimise on import, FCP X will create tiny alias files in the Event Folder (just select one in Finder to check its size) but if the footage is highly compressed, it will be difficult to edit and play back - so you may have no choice about optimising to ProRes 422.
What footage are you using?
Andy

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