In the above image, under the admin centre, we can see the storage as 1.24TB, when 'Active Sites' is selected. What this storage is?
What is the 1.24TB storage in the Sharepoint?
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It's the total and available storage space for your organization. Check below docs for more details:
Basically, the amount of Microsoft SharePoint space your organization has is based on your number of licenses:
Related: Add storage space for your subscription
BR