I’ve travelled to every country in Europe (most multiple times) over the past few years, spending delightfully little money. So, short answer: yes, relatively. It’s more expensive than it used to be, of course, but still can be done for a non-unreasonable expense. And it’s worth it, you'll have a blast.
In terms of alpine lake/coast places to go, check out Bled, Slovenia (alpine lake), the Italian Alps (cheaper than any other country’s alps), the Polish and Estonian coasts (yes, seriously), the Albanian coast (travelling is a bit harder there, but its lovely), the Black Sea (Bulgaria and Ukraine—which is probably a real bargain now!), the Greek Isles, Sardinia, and Cyprus (especially the Northern part). Croatia’s great, and there are tons of rentals there; prices have gone up over the past few years, but still reasonable.
Here are some tips:
- travel on the fringes of Europe (e.g., the Balkans, Poland, Bulgaria…), which are often a lot cheaper and still wonderful
- travel in off season if you’re not dead set on the summer (which makes it more enjoyable often, as the crowds are smaller)—e.g., if you went to the Greek Isles in winter it’d be super cheap!
- Avoid Scandinavia and Switzerland unless you have friends to host you there—one glance at an Oslo menu will bring tears to your eyes.
- cook for yourself (stay in a hostel/apartment with a kitchen) using local ingredients (e.g., from charcuteries, street markets, etc.), eat from bakeries and street food, take FULL advantage of a free breakfast (which can easily make a free lunch, too!), avoid touristy areas for eating out, make local friends who will feed you. Don’t go out to drink; buy a bottle of wine at a local shop, instead.