The formal entry in the British Tree Register is short and impersonal. "Tree 133160," it reads. "Map reference J15711904. Scots Pine. Girth 2m 65cm. Decaying wood in the crown. Hollowing branches. Veteran tree."

But the numbers fail to tell the whole story. When Tree 133160 keeled over in the hurricane-strength storms that swept Britain last month, it broke the heart of an entire community.

Known in the small Welsh town of Llanfyllin as "Lonely Tree", because it stood in splendid isolation, bending to the prevailing west wind on a bare skyline high above the town, the huge, 200-year-old pine could be seen from the school, the church, the police station, the Victorian workhouse and many of the town's pubs. "It was part of the town. Half the town carved their name in its trunk. It watched over us for generations. It's always been called Lonely Tree. It was always there." said farmer Peter Lewis.

Since the storms, hundreds of people have climbed the hill to pay their respects, believing the tree to be dead. But now a remarkable rescue effort is taking place that could yet see Tree 133160 grace this corner of the Welsh landscape again.

Britain's ancient tree specialists have advised that it may be possible to save the tree by packing its roots with soil. Nearly 60 tonnes of soil has been dug from the valley below and hauled up the 250m hill. The town council, which uses the tree as its symbol, has pledged to underwrite any costs.

Meanwhile, local writers and historians have started to compile a book of anecdotes about it.

"I remember my grandparents calling it Lonely Tree," says local historian Pauline Page-Jones, who says marriages were often proposed and ashes scattered beneath it. "When people returned to the town after many years away, they would go up the hill to Lonely Tree. We used to go up there when I was about four. I have a poem, written in 1896 that said it was an ancient tree then.

"Tradition in the town always said you had to hug it to have good fortune. The Millennium Beacon was lit up there. The scouts used to camp there, the school cross-country run passed it, and people would have their ashes scattered there."

Tree specialist Rob McBride has led efforts to save it. "The Ancient Tree Forum advised us that the roots needed to be covered with soil as soon as possible before they dried out and that we should get local soil and fill in the hole where the tree was uprooted. We brought up six great loads.

"With luck it will now 'phoenix', or grow again from its trunk. Some roots have snapped, but there is a possibility of saving it because there seems to be at least one large root connected to it. There has to be enough continuity of the living cells. But we might not know for a year whether it will survive."

Matt Oates, the National Trust's specialist on nature and wildlife, says this winter has seen many outpourings of affection for veteran trees after hundreds fell in the gales and the incessant rains. "It shows people need and love trees deeply," he said. "Especially in Wales, they are regarded by communities and individuals as family. We saw similar outpourings of emotion in 1987 and 1990 and then when the government tried to privatise the forests. As people venture out this spring, they may see … a few old friends missing or lying down, providing interesting wildlife habitats.

"Increased storminess, and increased extreme weather events generally, are likely to stress trees further, especially veteran trees. We will have to think carefully about where we establish trees and what species we plant."

Britain has a huge number of "notable" trees, with more than 200,000 now registered by the public as culturally important. Officially, 100,000 old trees in Britain are classed as "veteran", "notable" or "heritage" trees, considered to be of particular ecological or cultural value.

Ted Green, Britain's foremost ancient tree expert, said: "Man's passion for ancient trees is boundless, touching all walks of life, professions and classes, and is a continuous thread throughout history. We should recognise that the UK's greatest obligation to the conservation of European biodiversity, heritage and culture rests in our ancient veteran trees," said Ted Green, Britain's foremost ancient tree expert.

This week people from all over Powys were doing just that, climbing the hill to pay their respects. "We came up to give it a hug. If it survives it will be amazing," says Diane Cooper from Meifod.

"Sherwood forest might have had its Robin Hood's major oak, and Glastonbury its Sacred Thorn. Llanfyllin had its Lonely Tree," says local author Richard Kretchmer. "It is something important. Something loved. Never has a tree been less lonely."

Should the worst happen, a memorial plaque is planned. But in Llanfyllin there is hope and expectation that Lonely Tree will rise again.