My heart sank and mind filled with questions and uncertainty.. What if AWS sues me, maybe they will settle it for half or 25%. But their customer support was more than kind to me. In every reply they assured me that I need not worry and they are working on my behalf to resolve this.
I cooperated with them in every way possible and After 16 days I finally got a reply that it was all taken care of and I owed them nothing and they didn't even suspend my account. God knows how the things would have turned out with any other hosting. I did leave them a suggestion to hard-cap the billing instead of just email alerts.