Unfortunately there are some learning points here, especially considering the type of site (image hosting).
1. Image hosting can be very resource intensive as you've found. Presumably you didn't impose any maximum usage limits for each user?
2. As you have data transfer limits it's really up to you to monitor your usage regularly so if you find you are going to have an overage at any point you can take appropriate action to minimise your costs. Your host is only imposing the extra fees as they have stated in their terms (and what you agreed to when signing up) - it's worth talking to them to see if you can get the bill reduced but don't hold your breath - you did agree to their terms right?
It's a tough one but learn from it so you're prepared next time 
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