The answer is in the quote:
> All the losses that ever I have caused thee," said he, "I will make thee atonement for, **equal to what I have taken**. And I will never do the like from this time forth. **But thy faithful vassal will I be**." And the king accepted this from him.
Presumably, the atonement consists of this man giving Lludd the food back (or something equivalent in value), and of becoming Lludd's vassal.
The magician isn't mentioned anywhere else in the Welsh cannon, so this is as much information as you are going to get.