Kinda. But also kinda not. The cost of getting a phone made has decreased and there are many, many manufacturers who can make one for you these days. From that perspective, if you have small niche where people are alright with paying a bit of a premium, it may in fact be easier to make a phone for them than say in 2012.
The total device cost will be 499 EUR or 599~699 EUR as the "normal" price with the voucher deducting from the phone's cost if/when available.
This price for a low volume device would have been completely unachievable in 2012.