It's close enough to what people generally mean when they say Europe. I consider Norway to be part of Europe, for instance, and I'm a Norwegian. Although there are certainly subtle distinctions; Norway has a higher degree of North-Atlantic cultural heritage, has economic interests that contrast with those of continental Europe and aren't formally part of the EU.
You could make similar remarks for many countries that would generally get a 'yes' to the question "is X a European country".
So say that.