You definitely should do the same for Europe! The fluctuation in flight prices baffle me sometimes. I feel like many of my friends and family overpay for flights all the time so I always tell them to consult me before they book!
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I will do a post about errorfares tomorrow and how to book cheap tickets, as last time I did one (for a friend's blog, in Italian) I found 20€ return tickets from Zurich (Switzerland) to Gran Canaria (Canary Islands, an archipelago of Spain 200 km west of Morocco), a distance of 4 hours and a half! In case you cannot reply to them, there is always Flightfox ;)
Wow that's a great deal! Looking forward to your post.