That's a lot easier said than done. I really have no influence on the cost of housing or food. So if I have a 50% pay cut, I'm probably not going to be able to live where I do.

I know, but it can start with bigger taxes on properties (and better zoning laws). People and investors should be stripped of the idea that buying a house provides a good return. Lowering the leverage when buying a house would also help push prices down. Foreign buyers should be taxed more to avoid speculators.

I don't think food is a problem though, western EU food prices are not smaller.

Add in our need to reduce carbon output, locally produced products will have some advantage.