Welcome to the Cloud...
Yes, indeed, have information critically important to you (thousands of hours worth of work would sound a bit critical to me) stored out "in the cloud" where you have NO control of any of that data. Nor, apparently, a local copy of that data.
Reminds me of that old saw about all the eggs in one basket.
I'm sorry for those who lost data, but really, what can you expect to happen to your data when you have NO control over it and access to it can be denied or the data deleted at any time by some third party you have no control over? If your data is not backed up in at least two places, and at least one of them is under your physical control (and anything not under physical control is under enforceable, legal contract), it's not backed up. Expect the worst, because it's not a matter of if, but when it happens.