SharePoint Storage Quota
By default all SharePoint environments are allocated 1TB of storage and then an additional 10GB per licence purchased. Sometimes there is a disparity on what you believe the quota should be and it is currently showing. Luckily Microsoft SharePoint has a built in tool that shows us how the quota is being increased.
As a Global Admin on the tenancy, navigate to the SharePoint Admin Center and then click Need Help? in the bottom left of the screen
Within the pane that opens up enter SharePoint Storage Quota. This will return a diagnostics tool in which you need to enter the root url (this is the .onmicrosoftadress.sharepoint.com). Once entered press Run Tests.
The tool will then take a few minuets to run some back end diagnostics and return a result as the following:
As you can see from the diagnostics within this example I have the standard 1024GB and then am receiving an additional 1020GB from 101 Standard Licences and 1 Enterprise Licence.