Jonathan Simon's blog post explains how to optimize log storage costs in Elastic Cloud by implementing a hot frozen data tier lifecycle policy. The strategy involves initially storing logs in a hot data tier for ultra-fast search results and then transitioning them to a more cost-efficient frozen tier, which offers reasonably quick access. This approach is particularly cost-effective as the frozen tier can store significantly more data than the hot tier at the same price. The blog provides a detailed, step-by-step guide on setting up an Elastic Cloud deployment, collecting logs using Elastic's System integration, and configuring an index lifecycle policy to manage data transitions between the hot and frozen tiers. By applying this index lifecycle policy, users can effectively reduce their total cost of ownership while maintaining appropriate data availability and searchability. The post also notes that the availability of features and functionalities is subject to Elastic's discretion and may change over time.