I would give it a bit more time. There have been a few posts here recently about db connection errors. So restoring the database would be a bad idea.
Depending on the size of the backup file, you might be able to use phpmyadmin. Just login to it, and select SQL.
Or login to SSH, navigate to the folder your backup file is in (upload it to your server if not) and type
mysql -h dbhost.domain.com -u user -p db_to_use > backup.sql
I'll check but I think you use > and not <