This point made me curious so I quickly looked around. Fox News paid a $787.5 million settlement [1] for making false claims about Dominion. Given that this happened as the trial was about to start, it's reasonable to assume that Fox News expected to lose even more if the issue went to trial. And that's for a party that arguably would have followed court orders, something Alex Jones refused to do.
Next in line is Rudy Giuliani, who was ordered to pay $150 million for defaming two election workers [2]. If Alex Jones defamed 12 families then it comes out roughly the same.
[1] https://edition.cnn.com/2023/04/18/media/fox-dominion-settle...
[2] https://edition.cnn.com/politics/live-news/rudy-giuliani-def...
Depp v Herd defamation was around $10m.
Sweden isn't the only Nordic country.
Just look up speeding tickets in Finland and Norway.
In civil cases our judgements are usually not enormous.
I don't feel that your reasoning above makes the judgement more reasonable. Maybe he does reach that many people, but he obviously makes nowhere near that amount of money and it's out of line with other defamation judgements.