That is incorrect, you are looking at the old Google account storage costs. These are different and may supersede the old pricing.
You can get started with 5GB of storage for free—that’s enough to store the high-res photos of your trip to the Mt. Everest, scanned copies of your grandparents’ love letters or a career’s worth of business proposals, and still have space for the novel you’re working on. You can choose to upgrade to 25GB for $2.49/month, 100GB for $4.99/month or even 1TB for $49.99/month. When you upgrade to a paid account, your Gmail account storage will also expand to 25GB.
(pseudo-edit while typing) I think I found it: http://cl.ly/0d3r3F1343132g131y36 (notice down at the bottom) though all the 'learn more' links just take me to the essentially-useless help home-page, rather than to a place where I could actually learn more.
What do you get if you go to my first link? Might there be time to grandfather in a better plan?
Actual edit: woah - it just started redirecting me to the more expensive option (hasn't been for the past 1/2 hour). wtf.
I went to the drive page, it said sign up top right and I clicked it and it quoted the extremely cheap yearly figures. The button is no longer there, I guess they are amending it as we speak.