Most European countries (just like the US) have been living beyond their means, so I only could see a decreasing living standard from here on out. Look at what happened to inner cities London as a precursor to most European cities.

As for the few rich central/northern European countries, I do agree that those on welfare will live nicely compared to anywhere else in the world. Sadly, its quite hard for normal people to emigrate to those countries. And they won't be immune to the collapse if they keep propping up the other failing countries.

I would say the fancy food phenomenon is only specific to US; good food can be found anywhere in Asia and Europe. In US, the difference would be between Denny's and a michelin starred restaurant.