If you still have the original folder on your computer, the photos weren't actually lost - Picasa just removed the link to them in the application. That's the best news possible. Open the folder where they were originally stored, check if the files are still there (a lot of people forget that Picasa just indexes images, it doesn't move them to its own database), and if they're there, problem solved. Then, if you want Picasa to show them again, you need to reimport the folder.
To do that, open Picasa and go to "File" > "Add Folder to Picasa" (or the equivalent option in your version), select the original folder, and let the application re-index everything. The photos should reappear in your library. Picasa itself doesn't keep an automatic backup of the images - it works more like an organizer that references the original files wherever they are on your computer.
The only caveat: if you think you actually deleted them to the Windows or Mac trash, you still have a chance to recover them from there before emptying it. But if you still see the files in the original folder, you don't need to do anything complicated - everything's fine.