Not exactly. For big outages like this, both Google and Amazon provide bigger refunds.

When Amazon's elastic block store was down, they credited back 10 days of service.

http://aws.amazon.com/message/65648/

And Google offers a 99.95% SLA for App Engine which refunds 10%, 25% or 50% of the total monthly bill if uptime falls below 99.95%, 99.00% or 95.00% respectively.

http://code.google.com/appengine/sla.html