The word wastage is not a fancy equivalent for waste. Waste is failure to use something which could easily be used. But wastage is loss resulting from unavoidable natural causes, such as evaporation.
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waste vs. wastage
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"waste vs. wastage." Grammar.com. STANDS4 LLC, 2021. Web. 20 Jan. 2021. <https://www.grammar.com/waste_vs._wastage>.