Fast-localized electron loss, resulting from interactions with electromagnetic ion cyclotron (EMIC) waves, can produce deepening minima in phase space density (PSD) radial profiles. Here, we perform a statistical analysis of local PSD minima to quantify how readily these are associated with radiation belt depletions. The statistics of PSD minima observed over a year are compared to the Versatile Electron Radiation Belts (VERB) simulations, both including and excluding EMIC waves. The observed minima distribution can only be achieved in the simulation including EMIC waves, indicating their importance in the dynamics of the radiation belts. By analyzing electron flux depletions in conjunction with the observed PSD minima, we show that, in the heart of the outer radiation belt (L* < 5), on average, 53% of multi-MeV electron depletions are associated with PSD minima, demonstrating that fast localized loss by interactions with EMIC waves are a common and crucial process for ultra-relativistic electron populations.