Cloud = Internet
Storage = Server (e.g. a Computer)
Very simply, it is a server on the Internet you can store files on.
Versions of this are services like Dropbox, Google drive and iCloud.
Source: Reddit
Example
Here we have Tech Wizard Mike’s iCloud Drive ➡️ the files within each of these folders can be accessed from any device that is connected to the Internet (even outside of Tech Wizard Mike’s cloistered domicile 🏡) through www.icloud.com.
