There is, we know what it is, but no one wants to pay for it - it's called deep borehole storage. You basically put your fuel in cylinders, dig boreholes few miles deep, put all the waste at the bottom, done. It's not coming back ever, it doesn't pose any danger to anything or anyone on anything other than geological timescales(and if the geology starts pushing stuff buried 5 miles deep to the surface you have other bigger problems to worry about).
It's estimated that "just" 800 boreholes would be enough to store all nuclear waste ever produced.
But yeah, cost is one thing, but the other is that this material then becomes truly and irreversibly irretrievable - which actually might not be desirable since we know that even spent nuclear fuel can be reprocessed to make more fuel or weapons, which is not something that countries like US would want to dismiss as a possibility.
And also - storage of spent nuclear fuel is actually a lot safer and less scary than most people think. In Netherlands they literally made a museum out of their spent fuel storage facility, you can walk in between the casks that hold material radioactive enough to kill you in minutes, it's that safe.