Value of a Statistical Life (Alternate valuation 1)can help you understand the value of
€4000000 per statistical life
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This valuation relates to the value of a statistical life. This is the value an individual is willing to pay for a marginal change in their likelihood of death. This value is designed to reflect the value that a person would conceivably place on their own life in their private decisions.
The value of statistical life is often used to estimate the benefits of reducing the risk of death. The value of statistical life is an estimate of the financial value society places on reducing the average number of deaths by one. For example, if an individual is willing to pay £1000 to reduce their annual risk of death by 1 in 10,000, this would give them a VSL of £10,000,000.
This valuation was calculated for adults in Italy, with data collected from a survey "self-administered by parents at two centralized facilities in Milan, Italy, and in the major cities and a handful of smaller towns in the Czech Republic." For more information on the statistical life method see: https://www.transportation.gov/sites/dot.gov/files/docs/VSL_Guidance_2014.pdf
"Environmental Economics Seminar: The VSL for Children and Adults: Evidence from Conjoint Choice Experiments in Milan, Italy, and in the Czech Republic". Available at: yosemite.epa.gov/ee/epa/eed.nsf/vwpsw/0bea923e515cfb7a852576400045467c?opendocument
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