Google Developers Console project creation quota
So I did ran in to this a few months ago. At that time I did not see a solution. Though when I tried again today that error notice have been updated with a link to a form where you can request a increase of the project quota for your account. This is likely a ongoing roll out at the moment (I don't get this in all my accounts).
Reference it looks like this:
You may not see this updated message yet. Any how, the form link is https://support.google.com/code/contact/project_quota_increase. After filling in the form support got in touch pretty much within a day and my quota is now raised.
This may not be helpful to everyone with this problem, but here's what worked for our needs...
We were creating new projects in the Developers Console for each app so that each would have its own unique sender key for push notifications. What we discovered is that all apps can have the same sender key, as long as the push notification server (AWS SNS in our case) can differentiate the delivery targets by another means, which we're doing by bundle ID when devices register for push. In the end, we didn't need to have unique projects for each app.
It doesn't answer the questions of what the limits are or how to get past them once they've been reached, but it provided the means to the end we were seeking.