In your picture, do you see the green oviod thing in the middle left?
That is a filtering capacitor (eh, I'm not too up in my Brit-speak, but I believe condenser meant battery right?).
Ok now look to the right of the "cans" (the upright black plastic encased cylinders). There USED to be another one there!
If you look closely you'll see the debris and scars on the circuit board and side of the Xbox.
USUALLY these capacitors are there to protect the Xbox from surges.
If it blew fast enough the PSU might be otherwise fine.
You'll need another one of identical value and type to the green ovoid one on the left to fix this.
Note that a 220 surge is relatively "slow" for these so additional damage may have been done and you'll need a new PSU, but several other people have been able to repair theirs in an identical circumstance by simply replacing the blow capacitor.