What do they mean with:
Lead and Lead-free.
Do they mean the metal ?
Yes. Mostly in solder.
At one time *all* solders were lead/tin based; with 60/40 lead-tin
eutectic solder being the commonest for all electronics.
Is their a health risk during normal operation... like lead particles
in the air or so ?
Not *particles* per-se; but lead fumes. Small, actually, as the lead
doesn't vaporize much at barely liquid temperatures; but not nonexistent
either. The fumes *do* solidify into minute particles though; which are
easily breathed.
Or is this only of concern during a fire/meltdown ?
Mostly during:
A. Production.
B. Scrapping.
C. Yes, fire/meltdown.
Production these days have mostly switched almost completely to non
tin/lead solders. Scrapping old electronics though is a problem when
they end up in landfills where the lead can leach out over time.
Or is it only of concern when throwing it in the waste basket ?
For the *consumer* mainly the last.
That's just one reason of many that they're beginning to outlaw throwing
electronics devices of any size in the trash. Cadmium and other toxic
metals are now becoming of even more concern than lead these days;
because many/most companies *are* removing lead based solders from their
manufacturing methods.
Another plus for recycling is the *reclaiming* of many valuable metals
such as copper and gold (and yes, lead and cadmium too). Electrolysis
works wonders there.
One thing *hard* to reclaim is the lead in CRT glass, used as a barrier
for the soft radiation emitted. However, luckily, such thick glass
envelopes are declining rapidly in popularity in favor of flat-panel
displays for both TV and computer monitors, that just don't NEED such
thick leaded-glass envelopes any more.