The highly variable electron flux levels in the outer radiation belt come about by competition between time‐dependent source and loss mechanisms. In order to identify some of the different mechanisms involved, we examine the statistics of the variability of fluxes at geostationary orbit. Data from the SEM‐2 analyzer on Meteosat‐3 and from GOES‐7 are used. Correlation analysis is used to find time‐delays between changes in flux at different energies. We see that low energy flux is added to this region during sub‐storms and that higher energy fluxes appear after 2 or 3 days. Whilst the timescale for this process is brief compared to a complete cycle of the ‘Recirculation’ energization process, it is consistent with the timescale of its final step–outward radial diffusion. By isolating periods when no new injection of plasma occurs, we make an assessment of flux loss rates in a quiet magnetosphere.