Depends on your site and the nature of your business. What would a day of non-production (or whatever) cost in real terms? i.e. overtime payments to catch up if possible?
At my previous employer, I cancelled ours (it was a similar amount, but about 10 yrs ago), but only because we had 2 separate buildings on the same estate, which I linked by fibre.
So we duplicated some hardware, and sent the data across overnight. Although we didn't have hot swap, or fail-over, if a problem occurred with any of the servers, we were confident we would be back up and running within 2 hours max, which was enough.
If we had a major disaster, & the building was uninhabitable, we had an arrangement with our hardware maintenance company that we could get across to them & use some of their space as temporary offices, payable if we used it, which we never did. But we tested it
But this was for a company that had 60ish PC users, of which we classified about 15 business critical, and 15 essential (who knows what the others did

), which required 15 PC's, running 2 shifts, which could be set up fairly quickly, within a 24 hour time frame.
Over a period of time, it saved many thousands.
If ever we had a disaster that wiped out both buildings, the need to have a working computer system would be less urgent!