For reference, in my Spanish home town, a large consulting firm is hiring devs right out of college for a little under 20K euros a year. The apartment I grew up in, in said home town, would sell for about 400K euros, and an old one bedroom apartment from the 70s might go for 200K.

So insufficient wages? Yep. It pays more than working at a bar, but not by that much. Anyone graduating CS that can at least go to the bigger cities, or better yet, has the language skills to move further away, just does.