It most definitely means correction or chatisement; this the Hellenic definition. Objects that are human can be receive punishment but they don't receive kolasis i.e. penalties.
And the verb;
STRONGS G2849:
κολαζο: present passive participle κολαζόμενος; 1 aorist middle sub. junc. 3 person plural κολάσωνται; (κόλος lopped); in Greek writings:
1. properly, to lop, prune, as trees, wings.
2. to check, curb, restrain.
3. to chastise, correct, punish: so in the N. T.; passive 2 Peter 2:9, and Lachmann in 4; middle to cause to be punished (3Macc. 7:3): Acts 4:21.
THAYER’S GREEK LEXICON, Electronic Database.
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All rights reserved. Used by permission. BibleSoft.com
BLB Scripture Index of Thayer's
Acts4:212 Peter2:9
makes the kill.
I see that you have done what many here do searched the 'net' until you find something which seems to support your assumptions/presuppositions. Please note that this specific word "kolazo" does not occur in the NT. In the EOB, which I have quoted, "kolasis" in both Matt 25:46 and 1 John 4:18 is translated "punishment."
See EOB at below link.
The Eastern / Orthodox Bible: New TestamentBased on the Septuagint and the Patriarchal Text
archive.org
And here is the defintion from Bauer, Danker, Arndt, Gingrich Greek lexicon. This represents about 120-160 years of combined scholarship.
κόλασις, [kolasis]εως, ἡ (s. prec. three entries; ‘punishment, chastisement’ so Hippocr.+; Diod S 1, 77, 9; 4, 44, 3; Aelian, VH 7, 15; SIG2 680, 13; LXX; TestAbr, Test12Patr, ApcEsdr, ApcSed; AscIs 3:13; Philo, Leg. ad Gai. 7, Mos. 1, 96; Jos., Ant. 17, 164; SibOr 5, 388; Ar. [Milne 76, 43]; Just.)
① infliction of suffering or pain in chastisement, punishment so lit. κ. ὑπομένειν undergo punishment Ox 840, 6; δειναὶ κ. (4 Macc 8:9) MPol 2:4; ἡ ἐπίμονος κ. long-continued torture ibid. Of the martyrdom of Jesus (Orig., C. Cels. 1, 48, 95; 8, 43, 12) PtK 4 p. 15, 34. The smelling of the odor arising fr. sacrifices by polytheists ironically described as punishment, injury (s. κολάζω) Dg 2:9.
② transcendent retribution, punishment (ApcSed 4:1 κόλασις καὶ πῦρ ἐστιν ἡ παίδευσίς σου.—Diod S 3, 61, 5; 16, 61, 1; Epict. 3, 11, 1; Dio Chrys. 80 [30], 12; 2 Macc 4:38 al. in LXX; Philo, Spec. Leg. 1, 55; 2, 196; Jos., Ant. 1, 60 al.; Just.; Did., Gen., 115, 28; 158, 10) ApcPt 17:32; w. αἰκισμός 1 Cl 11:1. Of eternal punishment (w. θάνατος) Dg 9:2 (Diod S 8, 15, 1 κ. ἀθάνατος). Of hell: τόπος κολάσεως ApcPt 6:21 (Simplicius in Epict. p. 13, 1 εἰς ἐκεῖνον τὸν τόπον αἱ κολάσεως δεόμεναι ψυχαὶ καταπέμπονται); ἐν τῇ κ. ἐκείνῃ 10:25; ibid. ἐφορῶσαι τὴν κ. ἐκείνων (cp. ApcEsdr 5:10 p. 30, 2 Tdf. ἐν τῇ κ.). ἐκ τῆς κ. ApcPt Rainer (cp. ἐκ τὴν κ. ApcSed 8:12a; εἰς τὴν κ. 12b and TestAbr B 11 p. 116, 10 [Stone p. 80]). ἀπέρχεσθαι εἰς κ. αἰώνιον go away into eternal punishment Mt 25:46 (οἱ τῆς κ. ἄξιοι ἀπελεύσονται εἰς αὐτήν Iren. 2, 33, 5 [Harv. I 380, 8]; κ. αἰώνιον as TestAbr A 11 p. 90, 7f [Stone p. 28]; TestReub 5:5; TestGad 7:5; Just., A I, 8, 4; D. 117, 3; Celsus 8, 48; pl. Theoph. Ant. 1, 14 [p. 90, 13]). ῥύεσθαι ἐκ τῆς αἰωνίου κ. rescue fr. eternal punishment 2 Cl 6:7. τὴν αἰώνιον κ. ἐξαγοράζεσθαι buy one’s freedom fr. eternal pun. MPol 2:3 v.l. κακαὶ κ. τοῦ διαβόλου IRo 5:3. κ. τινος punishment for someth. (Ezk 14:3, 7; 18:30; Philo, Fuga 65 ἁμαρτημάτων κ.) ἔχειν κόλασίν τινα τῆς πονηρίας αὐτοῦ Hs 9, 18, 1. ἀναπαύστως ἕξουσιν τὴν κ. they will suffer unending punishment ApcPt Bodl. 9–12. ὁ φόβος κόλασιν ἔχει fear has to do with punishment 1J 4:18 (cp. Philo, In Flacc. 96 φόβος κολάσεως).—M-M. TW.
William Arndt et al., A Greek-English Lexicon of the New Testament and Other Early Christian Literature (Chicago: University of Chicago Press, 2000), 555.[/indent]