The biggest economical loss is not the liabilities that follow, because most of the burden is on the insurance companies. The biggest economical loss happens when the public loses confidence in the company. It can lead to bankruptcy.
Do you remember this picture? This accident was caused by pilot error.
Afterward, the company worked hard to improve the standard of the pilots. Some captains were given “early retirement” and replaced by experienced captains from other companies. But this did not help. The passengers did not return, and the company lost more than 60,000 USD every day for the next 18 months. Finally, the owner said “enough is enough” and grounded the company.