On page 121 in the market risk book,

"The number $1.7486 million is the 10-day VaR on a 99% confidence level. This means that on average once in a hundred 10-day periods (so once every 1,000 days) this VaR number of $1. 7486 million will be exceeded. If we have roughly 250 trading days in a year, the company is expected to exceed the VaR about once every four years. "

Does it mean that the total loss during a 10 days period is expected to be less than $1,7486 with 99 % confidence?

Or is it referring to a loss of $1,7486 happening during one day? And this is expected to happen once every 1000 days?