A hearing aid comprises a forward path comprising an input transducer an electric input signals representing a sound comprising target signal components and background noise, a hearing aid processor for providing a processed signal in dependence of said at least one electric input signal and for providing a processed output signal in dependence thereof, and an output transducer for providing stimuli perceivable as sound to the user in dependence of said processed signal. The forward path provides a frequency dependent intended forward path transfer function. The hearing aid further comprises a feedback path estimator configured to provide a current frequency dependent estimate of a feedback path transfer function of a feedback path from the output transducer to the input transducer, and a current feedback path estimate in dependence of the current estimate of the feedback path transfer function and of the processed signal, and a combination unit in the forward path configured to subtract the current feedback path estimate from a signal of the forward path to provide a feedback corrected signal. The hearing aid may further comprise a noise estimator configured to provide a current frequency dependent noise estimate representing a background noise level in the at least one electric input signal, an open loop transfer function estimator configured to provide a frequency dependent estimate of a current open loop transfer function in dependence of the intended forward path transfer function and the current estimate of the feedback transfer function, and a confidence level estimator configured to provide a current frequency dependent estimate of a confidence level of the current estimate of the feedback transfer function in dependence of a current estimate of open loop gain and optionally the current noise estimate. The hearing aid may be configured to control processing in the hearing aid in a frequency band k in dependence of said current estimate of the open loop transfer function and/or the current estimate of the feedback path transfer function, if the current estimate of the confidence level fulfils a confidence criterion in said frequency band k. A method of operating a hearing aid is further disclosed. The invention may e.g. be used to assess a risk of acoustic feedback in a hearing aid.