Lost all IAP after latest update 2.0.1 (3090.47) in GarageBand on my iPad Air

After updating GarageBand on my iPad Air to version 2.0.1 (3090.47) today, I lost all my in-app purchases. I cannot access any pf the projects I had made and I am being asked to purchase all the instruments and sounds again. When I tried to restore my purchases, I got a message saying "No purchase to restore".

I refuse to pay for what I already own. I know that many people are facing the same issue after the recent update. Its apalling how Apple has not responded to any of these queries or done anything to fix this disaster. If anyone has any fix to this situation, kindly share your solution/thoughts/comments.