This statue of Mary holding the crucified Jesus borrows the idea from Michelangelo's Pieta (below), which is in Saint Peter's Basilica in Rome.
It depicts one of the Seven Sorrows of Mary:
1.The Prophecy of Simeon (See the Presentation).
2.The Flight into Egypt
3.The Loss of the Child Jesus in the Temple
4.Mary Meets Jesus on the Way to Calvary
5.Jesus Dies on the Cross
6.Mary Receives the Dead Body of Jesus from the Cross
7.Mary places the Body of Jesus in the Tomb Awaiting the Resurrection