The cheapest countries in Europe to visit generally fall in Eastern and Southeastern Europe, with Bulgaria, Romania, Albania, Hungary, and Poland often topping lists for low costs on accommodation, food, and activities, offering great value compared to Western Europe, while Montenegro, Bosnia and Herzegovina, and North Macedonia are also very budget-friendly Balkan gems.
Bulgaria is often noted as the cheapest country in Europe, with living costs of $600 to $1,000 per month and rent as low as $300 outside Sofia. Other affordable options include Romania, Albania, Poland, and Portugal, where living expenses are still lower than in most Western European countries.
Belgium is not a cheap country to visit. Accommodation is expensive and food and drinks can really add up. While it will never be the cheapest country in the world, there are a few ways to cut costs.
Ten EU countries have prices above the EU average. Denmark (143%) and Ireland (141%) follow Luxembourg as the most expensive. Among the EU's four largest economies, Germany (109%) and France (108%) are slightly above average, while Italy (98%) and Spain (91%) are below.
It all depends on where you're going and what you plan to do during your trip. As you can see from our travel costs table above, some European cities are cheaper or more expensive than others. As a general rule, though, it's a good idea to budget at least $100 a day for your vacation.
So for 2 weeks in Europe, a budget traveler may spend around 1,120 Euros. This could be lower if you budget to the extreme. Keep in mind, a work exchange cuts your accommodation costs down to 0, and your food, transport, and activity costs may be lower as well depending on what your host offers.
The "Big Three" of Europe generally refers to France, Germany, and the United Kingdom (UK), especially in foreign policy and security, forming the informal "E3" for major diplomatic initiatives like Iran nuclear talks. Within the EU, the trio often includes France, Germany, and Italy due to their combined economic power and founding roles, though the UK was part of the grouping before Brexit, while France, Germany, Italy, and the UK are collectively called the "Big Four".
To maximize a $5,000 budget for a vacation, it is essential to prioritize expenses, look for cost-saving opportunities, and establish a realistic spending plan. By carefully planning and budgeting, individuals can make the most of their budget and enjoy a fulfilling vacation experience without overspending.
The best time to score cheap flights to Europe is typically during the off-season, which runs from January through early March and October to early December. During these months, demand is lower, so you can find better deals. To make the most out of your money, booking your flights 2 to 8 months in advance is key.
Southeastern Europe and the Western Balkans show the lowest food prices overall. Besides North Macedonia and Romania, Turkey (€75.7), Bosnia and Herzegovina (€82.5), Montenegro (€82.6) and Bulgaria (€87.1) are well below the EU average. Serbia (€95.7) and Albania (€98.7) are also cheaper than the EU.
Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. It is a major center for large private banking, and its finance sector is the biggest contributor to its economy. The country's main trading partners are Germany, France and Belgium.
Vatican City holds the title as the world's smallest country, with an area of just 0.17 square mile (0.44 square km). As a point of comparison, the largest country in the world, Russia, is almost 39 million times bigger.
Data for Monaco and Liechtenstein is from 2020 and 2019 respectively. Monaco is home to one of the world's wealthiest populations, and has the highest level of GDP per capita in Europe. Like Monaco, the small size of Liechtenstein has led to it being among the highest ranked European states for GDP per capita.
