The present paper is devoted to the study of the long term dynamics of diffusion processes modelling a single species that experiences both demographic and environmental stochasticity. In our setting, the long term dynamics of the diffusion process in the absence of demographic stochasticity is determined by the sign of $Λ_0$, the external Lyapunov exponent, as follows: $Λ_0<0$ implies (asymptotic) extinction and $Λ_0>0$ implies convergence to a unique positive stationary distribution $μ_0$. If the system is of size $\frac{1}{ε^{2}}$ for small $ε>0$ (the intensity of demographic stochasticity), demographic effects will make the extinction time finite almost surely. This suggests that to understand the dynamics one should analyze the quasi-stationary distribution (QSD) $μ_ε$ of the system. The existence and uniqueness of the QSD is well-known under mild assumptions. We look at what happens when the population size is sent to infinity, i.e., when $ε\to 0$. We show that the external Lyapunov exponent still plays a key role: 1) If $Λ_0<0$, then $μ_ε\to δ_0$, the mean extinction time is of order $|\ln ε|$ and the extinction rate associated with the QSD $μ_ε$ has a lower bound of order $\frac{1}{|\lnε|}$; 2) If $Λ_0>0$, then $μ_ε\to μ_0$, the mean extinction time is polynomial in $\frac{1}{ε^{2}}$ and the extinction rate is polynomial in $ε^{2}$. Furthermore, when $Λ_0>0$ we are able to show that the system exhibits multiscale dynamics: at first the process quickly approaches the QSD $μ_ε$ and then, after spending a polynomially long time there, it relaxes to the extinction state. We give sharp asymptotics in $ε$ for the time spent close to $μ_ε$.