The other question is if it even makes sense to get a patent. Are the examples where someone got a patent for an algorithm and got successful out of it? The other option would be to just make it open source (together with the implementation of the algorithm).
PS: I live in europe.
[1] http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=7,650,331.PN.&OS=PN/7,650,331&RS=PN/7,650,331
https://www.google.com/search?q=patented+image+compression+a...