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As with every other AWS service you're billed monthly. The cumulative total of all IPv4 usage will be charged in hours, to a granularity of thousands (0.001) of an hour.
e.g. this month I have created (and then destroyed) a few EC2s in us-east-1 with public IPs, and the line in my bill for this month-to-date looks like:
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And do you know if there's a minimal interval. I know that if you allocate an ec2 instance you need to pay for at least 1 minute. Even if you used it for 10 seconds.
So I was wondering if there is something similar for public ips pricing. The charges I've seen on my acc indicate that there is. (specially for auto-assigned public ips for ec2 instances)
To get the definitive answer down to this level of detail I'd suggest logging a billing support call with AWS directly at https://support.console.aws.amazon.com/support/home#/case/create?issueType=customer-service
Thanks Steve. I tried that already that are unsure of how this works either. Also tried to talk with sales team which are unsure as well.