How much memory and storage does a website take on a server? Hello Drupal community!

This is my first time working with Drupal and AWS. I would like to know if an AWS t2.micro instance would be good enough for running a new Drupal 8 website with moderate requirements. My main goal with this is to stay within the AWS free tier, i.e, spend no money for one year whatsoever. The EC2 information page states that a t2.micro instance has 1GB of memory and "EBS only" storage (bear in mind that this is the storage for the server). After looking into this I found that EBS has 30GB's of storage. Will that much be sufficient?

Totally I have to run a Drupal 8 site, an AWS RDS MySQL database and AWS S3, all on this instance comfortably (which obviously means a good amount of people should be able to view the website  at the same time too). Any requirements for Drupal 8 would be welcomed.

Please get me out of this jam. Thanks a bunch!
You should be fine with 1GB server ram, and 256M set for PHP. Keep in mind you won't be running a huge site with it, so also invest in getting caching like memcache and something like varnish going as well. I'm not sure if memcache is PHP7 ready yet - but using php7 will gain some performance increase as well.

However if you're looking for free hosting, I think you could also try Acquia Cloud Free.