EBS cost optimization

Compute Optimiser is a tool that can help you here.

There is a very good blog post about using this for EBS https://aws.amazon.com/blogs/storage/cost-optimizing-amazon-ebs-volumes-using-aws-compute-optimizer/

If EBS is your highest costing service, then there are a couple things you can do.

1. I would check out the Cloud Financial Framework for EBS and see if you have any over provisioned volumes https://catalog.us-east-1.prod.workshops.aws/workshops/86e30fc2-daf4-4708-8720-347e2b312075/en-US/playbooks/storage/ebs/5-ta-overprovisioned
2. Another way to see if your IOPs are required is to view your Max IOPs usage in CloudWatch. If you are provisioning 64k IOPs, but not using the full amount, then you should be able to reduce your IOPs provisioning. To find the right level, I recommend looking at the max IOPs in CloudWatch and adding something like 10% to be safe.
3. Finally, if you really require high IOPs, can you use local ephemeral SSDs? If so, then you can look at the d type instances (like c5d.large). The trick here, however, is that the local SSD data will go away when the instance reboots or is replaced/terminated. https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/ssd-instance-store.html

For optimizing EBS costs you can try:

1. Storage Types: Assess whether all your data requires the high-performance io2 volumes. Analyze your application's I/O patterns and see if you can optimize them to reduce unnecessary reads/writes. Consider using different EBS storage types (e.g., gp2, st1) for less critical data. EBS volume types: https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/ebs-volume-types.html

2. Right-sizing: Evaluate your EBS volumes and choose appropriate sizes to match your workload's needs. Overprovisioned volumes can result in unnecessary costs. Identify any idle or underutilized EBS volumes and consider resizing or terminating them if not required. Right sizing: https://aws.amazon.com/aws-cost-management/aws-cost-optimization/right-sizing/

3. Snapshot Management: Regularly review and delete unnecessary snapshots. Old or unused snapshots can accumulate and lead to extra charges. Make sure you delete old snapshots or automate snapshot management using Data Lifecyle Manager: https://aws.amazon.com/blogs/storage/automating-amazon-ebs-snapshots-management-using-data-lifecycle-manager/

4. Monitor and Analyze: Utilize AWS Cost Explorer, AWS Trusted Advisor, AWS Compute Optimizer and other monitoring tools to gain insights into your EBS usage and identify areas for optimization. Regularly review billing reports and cost allocation tags to track costs accurately.