Locusts had cut out waste (4)
I believe the answer is:
loss
'waste' is the definition.
(thesaurus)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for loss that I've seen before include "Defeat; bereavement" , "Failure to profit or succeed" , "Deprivation; failure" , "sacrifice?" , "Destruction" .)