Currently Google gives you 1GB of free storage fro Picasa Web Albums and 2.8GB for GMail. If you have used up that storage you can now purchase more.
Plans start at 6GB per year for $20 and go up as high as 250GB ($500/year).
As you can see in the image I only used 6% of my Gmail space. It looks like I am not in the target group for this offer.
More details on the official Google Blog.
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