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To be more precise, credits are available only for the following types of charges:
- Shield Advanced data transfer out
- Amazon CloudFront HTTP/HTTPS requests
- CloudFront data transfer out
- Amazon Route 53 queries
- AWS Global Accelerator standard accelerator data transfer
- Load balancer capacity units for Application Load Balancer
- Instance costs for Amazon Elastic Compute Cloud (Amazon EC2) instances that were created by an auto-scaling policy in response to the attack that are behind a Protected Resource
I believe that as an Elasticache cluster using on-demand nodes has EC2 costs built into pricing, that you should be able to recoup the equivalent basic EC2 costs of your caching node types, however I have yet to see this tested in a 'real' cost protection request.
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