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Yep, standard or storage server can be upgraded anytime you need bigger machine. It's automated and takes 1 minute.
you can order package upgrade at any time in Client Area. You will need to pay only the difference.
For example if you have package "0.5 TB" with annual billing cycle and used it for 6 months and decided to upgrade it to package "1 TB" you will need to pay only the difference (2.49 € - 1.49 € = 1.5 €) for 6 remaining months: 6 x 1.5 €.
No data or configurations will be lost during the upgrade.