I certainly cannot attest for all of Europe, but holy crap, Italians are incredibly racist. It's also perfectly acceptable to dress in blackface in many European countries. The racism actually appears to be getting worse, not better, with the influx of North African immigrants that many European countries have allowed to get completely out of control. I can personally attest to the many conversations I've had with Europeans of many different nationalities, professionals, mind you, who will suddenly say something completely racist without batting an eye.
As for cost of living, the cost of energy is through the rough ridin' roof in most European countries. That cost creeps into everything else. As a result, shitbox little European cars, shitbox little European apartments, no little extravagances like ice in you drink, a free refill, cold air conditioning, are very much the norm. Europeans have mastered the art of living with less. That's not to say many aren't perfectly happy - it's what they know.
And of course these are generalizations, but they're generally true.