For "billow" meaning a large wave:
* Calm
* Still
* Flat
* Smooth
* Serene
For "billow" meaning to swell or rise:
* Shrink
* Contract
* Deflate
* Subside
* Collapse
For "billow" meaning a large quantity of something:
* Shortage
* Deficit
* Scarcity
* Lack
* Minimum
The best antonym depends on the specific meaning of "billow" in your sentence.