What is the difference between Volume and Snapshot in Amazon Web Services?

In Amazon Web Services, a Volume is a durable, block level storage device that can be attached to a single EC2 instance. In plain words it is like a hard disk on which we can write or read from.
A Snapshot is created by copying the data of a volume to another location at a specific time. We can even replicate same Snapshot to multiple availability zones. So Snapshot is a single point in time view of a volume.
We can create a Snapshot only when we have a Volume. Also from a Snapshot we can create a Volume.
In AWS, we have to pay for storage that is used by a Volume as well as the one used by Snapshots.

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