diff --git a/src/aiida/cmdline/commands/cmd_storage.py b/src/aiida/cmdline/commands/cmd_storage.py
index c4fd17601a..f6f64b755e 100644
--- a/src/aiida/cmdline/commands/cmd_storage.py
+++ b/src/aiida/cmdline/commands/cmd_storage.py
@@ -8,6 +8,8 @@
 ###########################################################################
 """`verdi storage` commands."""
 
+import sys
+
 import click
 from click_spinner import spinner
 
@@ -24,14 +26,37 @@ def verdi_storage():
 
 @verdi_storage.command('version')
 def storage_version():
-    """Print the current version of the storage schema."""
+    """Print the current version of the storage schema.
+
+    The command returns the following exit codes:
+
+    * 0: If the storage schema is equal and compatible to the schema version of the code
+    * 3: If the storage cannot be reached or is corrupt
+    * 4: If the storage schema is compatible with the code schema version and probably needs to be migrated.
+    """
     from aiida import get_profile
+    from aiida.common.exceptions import CorruptStorage, IncompatibleStorageSchema, UnreachableStorage
 
-    profile = get_profile()
-    head_version = profile.storage_cls.version_head()
-    profile_version = profile.storage_cls.version_profile(profile)
-    echo.echo(f'Latest storage schema version: {head_version!r}')
-    echo.echo(f'Storage schema version of {profile.name!r}: {profile_version!r}')
+    try:
+        profile = get_profile()
+        head_version = profile.storage_cls.version_head()
+        profile_version = profile.storage_cls.version_profile(profile)
+        echo.echo(f'Latest storage schema version: {head_version!r}')
+        echo.echo(f'Storage schema version of {profile.name!r}: {profile_version!r}')
+    except Exception as exception:
+        echo.echo_critical(f'Failed to determine the storage version: {exception}')
+
+    try:
+        profile.storage_cls(profile)
+    except (CorruptStorage, UnreachableStorage) as exception:
+        echo.echo_error(f'The storage cannot be reached or is corrupt: {exception}')
+        sys.exit(3)
+    except IncompatibleStorageSchema:
+        echo.echo_error(
+            f'The storage schema version {profile_version} is incompatible with the code version {head_version}.'
+            'Run `verdi storage migrate` to migrate the storage.'
+        )
+        sys.exit(4)
 
 
 @verdi_storage.command('migrate')
diff --git a/tests/cmdline/commands/test_storage.py b/tests/cmdline/commands/test_storage.py
index eb629d013f..59698343e6 100644
--- a/tests/cmdline/commands/test_storage.py
+++ b/tests/cmdline/commands/test_storage.py
@@ -23,6 +23,26 @@ def tests_storage_version(run_cli_command):
     assert version in result.output
 
 
+@pytest.mark.parametrize(
+    'exception_cls, exit_code',
+    (
+        (exceptions.CorruptStorage, 3),
+        (exceptions.UnreachableStorage, 3),
+        (exceptions.IncompatibleStorageSchema, 4),
+    ),
+)
+def tests_storage_version_non_zero_exit_code(aiida_profile, run_cli_command, monkeypatch, exception_cls, exit_code):
+    """Test the ``verdi storage version`` command when it returns a non-zero exit code."""
+
+    def validate_storage(self):
+        raise exception_cls()
+
+    with monkeypatch.context() as context:
+        context.setattr(aiida_profile.storage_cls.migrator, 'validate_storage', validate_storage)
+        result = run_cli_command(cmd_storage.storage_version, raises=True)
+        assert result.exit_code == exit_code
+
+
 def tests_storage_info(aiida_localhost, run_cli_command):
     """Test the ``verdi storage info`` command with the ``--detailed`` option."""
     from aiida import orm