Exclamation point on pictures

There is an exclamation point in the bottom right hand corner if a lot of my pictures. I just upgraded phones because my storage was full on my old one and so was my iCloud storage. I can’t do anything with the pictures with the exclamation point now. Is there anything I can do to fix that. I have a ton of storage on my new phone and I thought that would fix everything, but it didn’t. Can I increase my cloud storage or are all of those pictures ruined?