Microsoft has announced that they are increasing the SharePoint Online per user license storage allocation by 20x. Previously, it was 1 TB plus .5 GB per user license purchased, and after this change it will be 1 TB plus 10 GB per user license purchased. Services like Microsoft Teams and Office 365 Groups which use SharePoint for content services can take advantage of this increased storage.

Microsoft will roll out this increased storage limit from July 1, 2018 and will be completed by the end of August 2018. If the storage is not enough, you can always buy additional storage from within the SharePoint Online admin center on a per-gigabyte (GB), per-month basis.

Learn more about this change from the link below.

Source: Microsoft