What we will have is another strong wave of population concentrating in cities. Any economic activity outside of beaten paths will be very expensive.
Because we are freaking retarded with housing in the west, people will lose the freedom private cars can give (because for most modal income people in europe, electric cars are simply not feasible), prices will increase even more. This happening while we have to deal with ageing and climate change, thus modal incomes will become efectively poor. Millions of rent slaves who have no savings and purchasing power, nor ability to scape because they can't move to live elsewhere where prices are lower, and commute to their job.
Of course a combination of market + planning could, potentially solve this (kind of). But it's not going to happen because in Europe pensioners and near-to-be-pensioners rule everything, and they are so selfish and so short-sighted that they will dry public budgets until they collapse the system.
The future of Europe is basically set in stone. France and Spain are very clear examples of what's ahead for everyone else. France on how a good chunk of the population is completely stupid and blind to the problem, and Spain on how politicians are willing to sacrifice a country to please pensioners.
It's sad, but it is what it is.