Lost or Forgotten Recovery Key for your Apple ID with two-step verification enabled? Don’t panic, here’s how to generate a new one

I had a panic attack when I read the ordeal Owen Williams of The Next Web had to go through because he lost (or thought he had lost) his recovery key.
In case you are wondering, Recovery Key is the 14-character key that is generated when you set up two-step verification for your Apple ID. 
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