I purchased a basic vps cloud instance from cloud.hetzner.com for €2.49 per month. 20TB of traffic a month is included, which should be sufficient. Hetzner has good network connections for European users.

Installation on Ubuntu is a breeze using an install script. It's important to complete the installation with some letsencrypt SSL certs and then you're good to go.

I created a subdomain (new A record pointing at ip address of my Jitsi server) on my business domain to make it easy for family members to go to the server themselves and create their own meeting rooms.