IEC 61499 provides a standardized approach for the development of distributed control systems. The standard introduces a component architecture, based on function blocks that are event-triggered components processing data and signals. However, it gives only limited support for the design of reconfigurable architectures. In particular, handling of several reconfiguration scenarios is quite heavy on this level since a scenario changes the execution model of the system due to requirements. To this end, a new IEC 61499-based model named reconfigurable function blocks (RFBs) is proposed. An RFB processes the reconfiguration events and switches directly to the suitable configuration using a hierarchical state machine model. The latter represents the reconfiguration model which reacts on changes in the environment in order to find an adequate reconfiguration scenario to be executed. Each scenario presents a particular sequence of algorithms, encapsulated in another execution control chart slave which represents the control model of an RFB. This hierarchy simplifies the design and separates the reconfiguration logic from control models. To verify its correctness and alleviate its state space explosion problem in model checking, this paper translates an RFB system automatically into a generalized model of reconfigurable timed net condition/event systems (GR-TNCES), a Petri net class that preserves the semantics of an RFB system. In this paper, along with verification of deterministic properties, we also propose to quantify and analyze some probabilistic properties. As a case study, we consider a smart-grid system, interpreting permanent faults in it as reconfiguration events, and we characterize them with the expected occurrence probability and the corresponding repair time. A tool chain ZiZo is developed to support the proposed approach.