Personally, I don't get it.. I mean, of course, I am well-aware that Europe is dealing with a crisis but if we still have money to host football championships, we will probably be able to host an "online" Eurovision Song Contest. I mean, it's the 21st century and we can still watch TV at home, right? I mean, the EBU will still continue providing different programmes and the broadcasters will continue trying to entertain/inform us, etc.
I know, it's not the best idea but an online contest would make do as well: Just let people vote for the favourites and announce the finalists. These finalists can perform at a TV-studio at home and we could still vote for our winner in May. The EBU could even try to make Italy win (they will neglect their right to host the event) and the Netherlands can still host the event 2021.
But cancelling everything is really unfortunate.