You can use log alerts in your lab however for subscription events like CPU quota I would look at Azure Monitor.
- DevTest Labs Alerts: https://learn.microsoft.com/en-us/azure/devtest-labs/create-alerts
- Azure Monitor: https://learn.microsoft.com/en-us/azure/azure-monitor/alerts/alerts-overview
- VM Insights: https://learn.microsoft.com/en-us/azure/azure-monitor/vm/vminsights-alerts
As an example, I've created an alert below for failed VM creation but you can use the same workflow for other things like storage size:
- My scope targeted my DevTest Labs resource (but you could target another resource, like storage)
- My condition was "Create a virtual machine) / Status = Failed (see below)
- My action was to send an SMS to my on-call engineers