In sentence #2 it is used as an anticipatory subject .(what is hard? It is hard)

It is used with many verbs verbs as a direct object with little or no meaning.

It is the subject, possible is the predicate nominative. (Someone said “it” was the direct object of is, but this is wrong–linking verbs cannot take direct objects, nor can a direct object come before the verb.) Because “it” is a pronoun, there has to be an antecedent. You’ve not given us that with these sentences.

In sentence two:

It is the direct object of the action verb found–I found what? it. I agree with the person who says this is most likely referring to the situation, but again, in a formal piece of writing, there would be a sentence with an antecedent in it.

The first sentence is a declarative. You are making a statement that It is possible to go out.

Second is more a sentence referring to another sentence. I can see this following a sentence about something.

It in the second sentence referrs back to something in the previous sentence.

2. I found the action of jumping hard.

They are both referring to actions.

“I found, in this situation, hard to jump

I found jumping is hard. it = jump