I just learned the meaning behind this song. It's so sad.
The Fiddler (German version of the Reaper) makes a mistake and takes this little boy's life too soon. He then promises the boy he'll create this paradise for him and the girl that would have been his future wife (by taking her life as well) to make up for his mistake.
The inspiration for this song came from the singer witnessing a boy getting killed in a car accident, and then a similar accident happening a week later in the same spot.