Not only it is affordable, my hunch is that it is actually cheaper than the present situation. Take into account the true costs of current situation; not only welfare programs, but also the damage continual existential stress does to people (domestic abuse, alcoholism, stress disease, etc) and you'll see how much money goes there. It is much cheaper to provide cca 750 eur/person than to mitigate the damage this rat race causes to so many of us.

And as you mention, taxation and other buffer mechanisms would also help.