Engineering systems are frequently exposed to a variety of natural and human-made hazards, which can significantly disrupt their operations. Assessing system performance under these recurrent hazards is challenging, especially when these events occur stochastically and influence each other dynamically. In this paper, we introduce an analytical method to model such hazards and use it to evaluate the system’s multimodal performance, specifically its availability, and resilience. We derive the joint distribution of hazard occurrences and severities over time, and connect this distribution to system degradation and recovery processes to ultimately determine the system’s multimodal availability. A simulation study is conducted to verify the feasibility of the proposed model.