Well, if I was planning a cheap holiday at the minute, I'd be considering Riga. I've just checked a few prices for a one week visit in May, based upon 2 people sharing:
Flights from Stansted (with Ryanair, including taxes and charges): �64 return, each
Transfers from airport: About 50p (return!) each by bus. About �8 each (return), by taxi.
Accommodation: �52 each in a multi-bedded mixed dorm in a hostel or �144 per person in a twin-bedded room, with en suite facilities, in a hotel.
Total cost (excluding meals and excursions) = between �117 and �216 per person, depending upon your choice of accommodation and transfers.
Riga is attractive and, importantly, very cheap:
http://www.rigatourism.lv/riga/?alias=en
Chris