I'd guess and order of magnitude higher. But like I said in my post several pages back it depends on how much revenue you get per copy (different outlets = different revenue per copy). I'd figure they're getting about 20 Euros per copy, and probably development will cost 4-5 million Euros to develop (not counting costs of the engine which is partly covered by EU3 and HOI3). However, copies sold via gamersgate would net them a lot more revenue per copy than a 40 or 50 Euro retail box copy. (I'm in canada I don't think in euro prices for games so I'm not sure the price point there).
The 2-3 Million euros for development would be like ~6 core programmers, ~2 UI guys, 4 or 5 AI logic and scripting guys, and then 10 or 12 artists, and 10 or 12 historical events guys. Then marketting. Not all of them would be there from the start of the project and a bunch of that would overlap. Say 40 people at 100k US/person (that's a potentially low estimate including benefits, salary, office space etc.) / year for one year (or 20 people for 2 etc.) would be 4 million dollars (note: dollars). But I would guess less than that, because you can't bring in events guys until you have an event system and some of your people will be on multiple projects, etc (think Music). There's a probably a lot of 'copy paste' that can be done from other games, but then you have the problem of Testing. QA & QC cost a lot and can Idle a lot of your other assets while you wait for them. I would figure at least a million bucks in testing. You have to pay testers, probably a couple of dozen, even at 10k each (and I mean paid alpha and beta testers here), so that's a few hundred thousand bucks just on testers, who also need computers, then you need to pay salaries of people who are waiting for the aggregate feedback from testing before making any sudden moves.
Obviously you could do it for less money than 4 million Euros, but you'd be starting to make sacrifices on how many people you have, reduced reduncancy etc. And to make back 4 million euros I bet they need to sell 150-250k copies. In addition to the direct costs of developing Vicky 2 they have to include some contribution to general corporate maintenance (including these forums), interest payments on past debts, general corporate IT and outreach (conference attendance), marketing, management and so on. Equally obviously one could spend more, a lot more (AAA titles are running 10-40 million USD now days, and some way more than that), and there would be significant return in the potential quality of the product with that money, but you'd have to have that much money to risk too. Given how this thread started, I doubt PI management is going to throw 20 million USD at vicky2.
Revolutions for Vicky 1 was different. They only needed a bit of coding work, some events and some art, but not for very long. The core of the game worked it was just messign with it. I bet with a few thousand copies of revolutions sold (at 10 bucks a pop) they could probably have broken even or made money on it.
If you look at AI war fleet command - the guy who did that game has a blog and he's figuring he's sold about 4k copies last I looked (that was before he got on gamersgate though). But that's only one guy, who wants to get enough money to triple the size of his business. PI is a big entity, the website list 5 people who are the sort of contact points for management, that's not counting all of the people below them on the corporate ladder.