Set a spend cap per project and per user. When it is hit, queries are rejected with a clear message rather than queued or silently billed. Caps are on by default at $200 for new accounts.
Only storage, at $18 per TB per month compressed. If it is cold and you already keep it in your own bucket, read it in place and pay no storage at all.
Overage is billed at the Standard rate, not a penalty rate. Unused commitment rolls forward one month and then expires.