Nearly $G_2$-structures in dimension seven are, up to scaling, critical points of a geometric flow called (modified) Laplacian co-flow. Moreover, since nearly $G_2$-structures define Einstein metrics, they can also be associated to critical points of the volume-normalised Ricci flow. In this talk, we will discuss a recent joint work with Jason Lotay, showing that many of these nearly $G_2$ critical points are unstable for the modified co-flow, and giving a lower bound on the index.