8TB hard drive is about 200 dollars nowadays, so this amount of data is about 200m dollars worthy of retail hard drives.
Ofc the calculation is super inaccurate, which doesn't take redundancies into consideration, and discounted prices for someone like Google to purchase hardware, plus the discount for Apple as a big customer. But had the scale be comparable, in which case, Apple is paying Google billions per year to handle the data storage for itself, doesn't sound quite news worthy IMO, pretty price efficient even.
Edit: Previously stated 1.6B -> 200m