Yes, of course. You can also give monetary compensation to a dead person's family. Whether either option actually makes things right is debatable.
It doesn't make things right. Nothing ever will, but it's better than the alternative.
Depends on which alternative you're talking about. One alternative is not to execute people or lock them up in inhumane conditions at all (the Norwegians do this). It's not at all clear to me that writing checks when you get it wrong is better.