You'll also have a LAND ASAP so should be pointing at the nearest airport.
My version of the Flight Crew Training Manual says differently
Although the ECAM displays LAND ASAP in red, it would be unwise to attempt an approach at a poorly equipped airfield in marginal weather. However, prolonged flight in this configuration is not recommended.
Therefore, if the nearest airport weather is marginal, but another airport slightly further away has ideal weather, how can you determine if you will have enough fuel to get there if limited fuel ? You might make it
, you might not
