It totally depends on which part of Europe you wish to travel. An average cost of med-range trip in the western parts is easily EUR 100/person/day. The same comes down to EUR 70/person/day. This includes stay, transport, activities & food. The 2 big cost buckets are - accommodation & transport - this is where you can spend a lot but if managed well can considerably get your budget down. Read more specific countries on my blog:
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Will share a few Tripoto links written by travellers pertaining to budget trip to Europe, see if it is suitable for your travel. I travelled for 6N 7D to Europe three years ago via Thomas cook package. We travelled in May which was the starting of summer in Europe. We got a good summer discount per head one lakh five thousand which covered food, stay, sightseeing and a guide who directed us. If you are planning travel via a group you can check with Thomas cook, MMT and Yatra.
Depends on number of days and countries you are planning, it varies a lot. But there are budget tips for Europe specifically, you can refer my blog on Europe budget in tripoto