You can reduce the file size or resolution of images and create album again. You can process all the files in one go with Processs MUltiple Files option in Editor. http://help.adobe.com/en_US/photoshopelements/using/WS287f927bd30d4b1f89cffc612e28adab65-7 fff.html#WS287f927bd30d4b1f89cffc612e28adab65-7ff6
Also check the folder in whcih your album gets create and check how the images are embedded. If it`s an HTMl file then your images must be in some folder. You can process some amd check if it automatically reduces your album size.