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Thanks for the clear description. In your case, 120 GB will be billed.
Check https://aws.amazon.com/ebs/pricing/ and https://aws.amazon.com/premiumsupport/knowledge-center/ebs-snapshot-billing/ for more information.
Example 7 – EBS Snapshots
Snapshot storage is based on the amount of space your data consumes in Amazon Simple Storage Service (Amazon S3). Because Amazon EBS does not save empty blocks, it is likely that the snapshot size will be considerably less than your volume size.
EBS snapshots costs are based on the amount of space your data consumes (empty disk blocks aren’t counted). Snapshots are incremental by nature, and costs will be related to the amount of data that changed between snapshots. Let’s say your EBS volume size is 1TB and it is consistently using 10 GBs of space, and every day there’s 1GB of data changed from the previous day. You have daily backups of the volume happening and the backups are kept for a month.
The initial snapshot cost will be $0.05 x 10(GBs) = $0.50. The rest of the snapshot will cost $0.05 x 1 GB x 29 (snapshots) = $1.45.
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Bit confused, the first snapshot is of full size of EBS volume. 1 TB in my case , will I still be billed for actual usage?