Okay here's the quick version of the calculations. Feel free to adjust them if any of my assumptions are off.
If you died, your family would be down €1,100 per week. I'm estimating that your mortgage is €200 per week or less. That's cleared. Your wife would also have State Widows Pension, also roughly €200 per week. Let's say she cuts back a bit on household expenses - you're not around to consume or spend money - so a further saving of €200 per week. She's still down €500 per week. She has €242,000 in the bank from the life cover after clearing the mortgage. If she draws €500 per week from this, it would last between 9 and 10 years. Need for a bit more life cover on you.
If your wife died, you'd be better off by €400 per week (mortgage + State Widowers Pension) plus the amount not being spent by your wife. And you'd have €242,000 in the bank. That should be enough to cover childcare expenses. I wouldn't be rushing out to buy more cover on your wife. Just you.
If your username hints your age and you'e a non-smoker, you should be able to get more life cover on yourself and some Income Protection cover and still have change out of your €80 per month.