Order

1.This volcano has a time frame where it erupts in the order of every 500 to 1,000 years.

2.The "Ring of Fire" is a ring around the Pacific Ocean where something on the order of 60% of the world's volcanoes lie.

Could you please explain "order" in both cases?
Which word can replace it?

From Merriam-Webster online:

on the order of: 1 after the fashion of: LIKE "much on the order of Great Lakes bulk carriers -- Ships and the Sea" 2 : ABOUT, APPROXIMATELY "spent on the order of two million dollars."

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