Even a toy project will burn through this in less than 60 days...I was expecting a free tier as in free up to 1GB or something like that...a little misleading because the site makes it sound that.
That's exactly what the Always Free Tier is. 1 free micro instance with 30GB storage for free always. The App Engine is 28 hours per month for free.
It actually says 28 instance hours per day, not 28 instance hours per month. So you can run one instance indefinitely, and still have 4 instance-hours left over for testing or whatever.
Totally that was a typo
There is a permanent free tier for many products like App Engine, Compute Engine, Cloud Storage, etc in addition to the $300 you can spend for 12 months.
There is an always free tier which, if I'm not wrong, should be free forever.