Embodiments relate to dynamically selecting an erasure code. State data is tracked to ascertain frequency of file access. One of at least two erasure codes are selected based on the tracked state data in order to lower data recovery cost. The erasure code may be selected as either a product code or a local reconstruction code. Each erasure code includes a mode that is either a fast code or a compact code. The fast code features a low recovery cost and the compact code features a low storage overhead for less frequently accessed data. Data is encoded with one of the selected erasure codes and one of the modes of the selected erasure code. Data blocks are dynamically converted between the fast and compact codes of the selected erasure code responsive to a workload change.