We perform a statistical sensitivity analysis on a parametric fit to vertical daily displacement time series of 244 European Permanent GNSS stations, with a focus on linear vertical land motion (VLM), i.e., station velocity. We compare two independent corrections to the raw (uncorrected) observed displacements. The first correction is physical and accounts for non-tidal atmospheric, non-tidal oceanic and hydrological loading displacements, while the second approach is an empirical correction for the common-mode errors. For the uncorrected case, we show that combining power-law and white noise stochastic models with autoregressive models yields adequate noise approximations. With this as a realistic baseline, we report improvement rates of about 14% to 24% in station velocity sensitivity, after corrections are applied. We analyze the choice of the stochastic models in detail and outline potential discrepancies between the GNSS-observed displacements and those predicted by the loading models. Furthermore, we apply restricted maximum likelihood estimation (RMLE), to remove low-frequency noise biases, which yields more reliable velocity uncertainty estimates. RMLE reveals that for a number of stations noise is best modeled by a combination of random walk, flicker noise, and white noise. The sensitivity analysis yields minimum detectable VLM parameters (linear velocities, seasonal periodic motions, and offsets), which are of interest for geophysical applications of GNSS, such as tectonic or hydrological studies.