loss by use, wear, decay, etc.
loss or losses as the result of wastefulness: The annual wastage of time due to illness is appalling.
the action or process of wasting: the steady wastage of erosion.
something that is wasted; waste or waste materials: The river was befouled by factory wastage.

1750–60; waste + -age

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
wastage (ˈweɪstɪdʒ)
1.  anything lost by wear or waste
2.  the process of wasting
3.  reduction in size of a workforce by retirement, voluntary resignation, etc (esp in the phrase natural wastage)
usage  Waste and wastage are to some extent interchangeable, but many people think that wastage should not be used to refer to loss resulting from human carelessness, inefficiency, etc: a waste (not a wastage) of time/money/effort etc

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Research distills conclusions out of the wastage of data it leaves in its wake.
Attempts at large projects have more often than not resulted in a huge wastage of resources.
Another aspect which needs to be tightened is wastage in developed countries.
There appears to be less wastage retooling for new hardware.
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