Just now I'm checking price for a one way ticket PRG-MXP for next year:

Easyjet total cost 23.2 EUR tax included, if I add 23 kg baggage and even seat selection it will be 50 all in. For the two extras, I can decide to buy them even one day before the trip at same cost if I'm not sure about my plan.
With OK the minimum price for a flexy ticket is 100 Euro with a refund fee of 60 EUR, for fully refundable I should buy a full flex business ticket for 250 Euro

I will happily accept the "unfair" Easyjet T&C and put at risk my 23 Euro in case.

As someone already mention no LC carrier would offer such prices if they risk to refund passengers that decide to cancel their trip for whatever reason, even more after customer already accepted their conditions.