I think I need to supplement the above recommendations and figures given: one thing I forgot to mention, is that the virtual machine, besides the 12 GB RAM, also had 8 GB of Ubuntu swap space allocated on the same SSD. This is crucial for the actual import.
Slightly surprising, a test run with importing the Geofabrik North America extract failed with this same setup as used for Europe, despite the PBF format North America extract being considerably smaller in terms actual size (just 7.9 versus 18.5 GB in the latest state). I guess, but don’t know for sure, that this may have to do with relation processing, and possibly some very large mega-relations in the North America extract. But this is just speculation at this point.
Anyway, raising the swap space to 16 GB resolved the issue and allowed import of the North America extract.
I guess for planet, allocating 64 GB of swap space is likely necessary if running a similar low RAM setup, maybe 48 will just about do though.
Using swap hardly seems to affect import speed though when fully run from SSD, so this is of little concern.