Storage is a bit more difficult to plan and make considerations for, due to having to consider multiple factors. For storage you need to account for the overall storage requirement for both storage size, and I/O needs. How many GBs or TBs are needed for the SQL Server instance and how fast does the storage need to be? How many IOPS and how much throughput is the on-premises instance using? For that, you must baseline your current workload using perfmon to capture average and max MB/s and/or taking snapshots of sys.dm_io_virtual_file_stats to capture throughput utilization. This will give you an idea of what type of I/O and throughput you need in the new environment. Several customers I’ve worked with have missed this vital part of migration planning and have encountered performance issues due to selecting an instance level that didn’t support their workload.
Tim has a lot of good advice in here, so read the whole thing.