1996 Toyota Avalon Power Steering Pump

I recently had a power steering pump break on my car. The mechanic told me fluid had sprayed all over the engine. I had the pump replaced along with a couple of belts and it ran me about $550. I have a couple of questions. Is $550 a reasonable price for this? And would there likely have been serious reprocussions down the road if I didn't have this repair done at all?

Thanks,
John