"I am sorry."
Wouldn't it be 'I very much regret' or 'I am very much regretting'? ( Depending on context) Also, could 'я не шкода' be 'I do not regret' or 'I am not regretting'?
You cannot say "meni duzhe shkoda" to day i am sorry as an excuse. it's much stonger and will be followed or preceded by a context meni shkoda za neii "I feel sorry for her. " I feel bad for her.
It was named after Emil Škoda, but a word "Škoda" does mean nearly the same in Czech as it does in Ukrainian
"škoda, it was my favourite cup which just fall on the floor"
"škoda, I just accidently destroid work I was doing 24/7 last month. Ok, I can do it again, what ever, my life could be much worse."
---- so YES, it is related after your Škoda car is smashed by boulder:
it is škoda your car is destroyed; and the boulder also made "damage", it made "škodu"
(all of those are nouns)
Czech and Ukrainian are related similarly like English and German
Czech Ukrainian Russian and a lot of languages, for example, my last name is Jomñuk, and Jomñuk it's from Ukraine, but in Russian Jomñuk it's a... what was the word, i don't know but in my country it's called sausage dog, and in Russian Jomñuk is Sausage Dog, my last name is so cool :3.