>is it fair to say that this is a bad deal by European standards?

Yes. Absolutely.

OP used the Euro symbol, so it may come from a country from the Euro zone. I didn't see more info about the country.

I can't talk for each specific country obviously. But a 38 years loan isn't the norm in a lot of euro countries (more like 20 or 25 max. Can go up to 30 in very specific circumstances). More importantly : the fact that the huge interests are due even with an anticipated reimbursement.

It's the case in my country (in the Euro zone) and very probably in all other euro zone countries : loans can be renegociated, in length and rates. Conditions of the renegociation can be specific to the loan/country (i.e. there may be a cost for the renegociation, that cost can be significant). Given the current level of interest rates, I would be very careful about the possibility of renegociating, and its cost. As there is a chance that interests rates will fall down again in 5,10 or 15 years, which considering OP's time-line would still be early