Earlier quoted context omitted.
Among other things, the price cuts are a nice change for ultra-cheap hobby projects that have extremely low resource demands. So far the lowest Spot VM price I've found is e2-micro in us-west4, which costs a whopping $0.69/month for 2GB of RAM and 0.25 of a shared core. That's only 25% the cost of Amazon's comparable t3a.small.
Keep in mind as far as I can tell there's a $1.44 fee for an external IP address (only if it's in use by a preemptible VM). If it's not in use, it's even higher.
Link to pricing page: https://cloud.google.com/skus/?currency=USD&filter=C054-7F72...
That means if you just need one VM, you won't pay for IP charges.
Obviously that might change anytime without notice.