By some reckoning, great as a loss can be (4)

I believe the answer is:

dead

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'by' is the definition.
(thesaurus)

I don't understand how the remainder of the clue works.

(Other definitions for dead that I've seen before include "No longer alive" , "Late; exact" , "Unresponsive" , "Stiff - bereft of life" , "Gone to meet one's Maker" .)

I've seen this clue in the Evening Standard.

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