No, for hazard calculation a little space is required, usually less than 1TB is fairly enough. Speed and a failure-tollerant configuration are more important: i.e. with 4x2TB drives in a RAID10 configuration (see
http://en.wikipedia.org/wiki/Nested_RAID_levels#RAID_1.2B0) you will have only 4TB (2*4/2) usable but 1.5x more speed and you can sustain a drive failure without a service interruption and without loosing any data. But the quantity of required space for hazard calcs is usually less; results can be moved to external drives, backup storages, tapes....
If you need more details or any further help don't hesitate to ask.