You will also need to budget for installation, periodic inspections, maintenance, replacement. The FAA will need to develop specifications for each aircraft regarding placement, field-of-view, and so on.
According to some estimates, there are 20,000-30,000 commercial aircraft; let’s call it 25,000. Let us suppose that the net result of all the above-listed requirements is a cost of $1000 per year per aircraft. That’s $25 million per year. Let us further suppose that for decision-making purposes, the FAA does indeed value a human life at $1 million.
Do you believe that the information obtained as a result of fleetwide installation of cockpit video would prevent enough future crashes to save an average of 25 lives per year, every year?
A thorough attempt to answer that question would probably require going back over the history of aviation accidents for the past few decades and examining which ones have lingering questions about what actually happened in the cockpit, and making an informed speculation about scenarios which, if they had been recorded on camera, might have led to policy/hardware changes in the future.
And I have many of those that all cost the same. 