The storage account is the Azure Storage where your application assets will reside.
To create the storage account, click on the Storage account arrow and then select New and pick a name for it. Naming storage accounts can become tricky, as the name needs to be unique within the Azure Storage domain. The name needs to be between 3 and 24 characters, containing lowercase letters and numbers only. By default, Azure will provide a unique name by appending a random string to the name of your service.