According to the wiki page it's a bit better than that at
Second qualifying round elimination: €350,000 + €175,000 per qualifying round played
Third qualifying round elimination: €550,000 + €175,000 per qualifying round played
Play-off round elimination: €750,000 + €175,000 per qualifying round played
In addition to the €750,00 there is also €175,000 per qual round so 3 x €175,000 is €525,000 so a total of €1,275,000 which is quite a bit of money even accounting for the additional expense.
Plus of course over €3M if we qualify for the group stages although I'd imagine the €1.275M will be deducted.
