The energy cost associated with modern information technologies has been increasing exponentially over time, stimulating the search for alternative information storage and processing devices. Magnetic skyrmions are solitonic nanometer-scale quasiparticles whose unique topological properties can be thought of as that of a Mobius strip. Skyrmions are envisioned as information carriers in novel information processing and storage devices with low power consumption and high information density. As such, they could contribute to solving the energy challenge. In order to be used in applications, isolated skyrmions must be thermally stable at the scale of years. In this work, their stability is studied through two main approaches: the Kramers' method in the form of Langer's theory, and the forward flux sampling method. Good agreement is found between the two methods. We find that small skyrmions possess low internal energy barriers, but are stabilized by a large activation entropy. This is a direct consequence of the existence of stable modes of deformation of the skyrmion. Additionally, frustrated exchange that arises at some transition metal interfaces leads to new collapse paths in the form of the partial nucleation of the corresponding antiparticle, as merons and antimerons.