Now, others have already explained that is a fine based on a days’ earnings (usually estimated from annual income). I’d like to add that implementing this for companies is why EU legislation like the GDPR is so fearsome.

If a company violates the GDPR badly enough¹ they can be fined up to 4% of their annual revenue or 20 million euros, whichever is higher. No matter what size that company is, that kind of fine hurts enough to be a deterrent. And suddenly everyone is very interested in following the law, even the guys with bigger budgets than some countries.

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¹ Less egregious violations have halved max fines. Still enough to be really painful.