How to create elemental magic type and weaknesses?

Hi there,
I am trying to create JRPG turn base game out the the “Turn based jRPG template” purchased from Marketplace. I’m trying to create a new input for guns related to the video game “Persona 5” where you have the action button on your screen to choose guns and have the option to which enemy to point at and then fire while at the limit of bullets.
Not only that, does anybody know how to create a function for magic elements to give such as status effects such as like shock, freeze, or burned. I also need the magic elements to give off weaknesses on both friends and foes to cause further damage and nock downs. I know this is a lot to take in but I’m in the dark of all of this so please can someone out there help me learn these technechs?

Firstly, have a look at how the damage system works in UE4:

Once you get the basics working, you can start looking into Damage Type: