Wait, is that supposed to be a lot? Sounds just like a paid maternity leave, so mother can spend some time with her children without worrying about having a roof and food. 111k is the cap, but in practice this is just a long paid leave.

In my (much poorer than Norway) country we have that, and also women can't be fired for that duration and I think two years more and employer can't refuse then remote work if it's technically possible and parents get some money directly (~around 1/10 of average monthly salary per month is automatic, but also there are other programs for example for women who decide to return to work). And, as a young parent, this is still nowhere near the cost of takes to actually raise a child.

On the other hand, all those programs are still not enough to raise number of children significantly, so your main point stands.