The event itself finds Norrath being overrun by rampaging elementals, wreaking havoc across the land. It’s up to players to join forces with Freeport’s Academy of Arcane Science and Qeynos’s Concordium to help investigate the outbreak of elemental rage, discover its source, and put an end to the madness before things go completely sideways. There’s plenty of incentive for players to lend aid, as those who participate in the event will acquire elemental storm shreds which can be exchanged for any of the 41 new items added to the Academy of Arcane Science and Concordium vendors. For the full details, check out the announcement on the game’s official site.
Source: Official site. Thanks to Wilhelm at The Ancient Gaming Noob for the tip!