If interested in this TAP Portugal promotion please look for flights between September 2015 till end of March 2016. (except black out perioud around Christmas holidays). If you need to compare affordable accommodation in Panama offered by most of leading booking sites you may use our tool here.
Booking samples
Portugal - Panama - Germany for €353
Portugal - Panama - Dusseldorf for €347 (+€22 booking fee)
Portugal - Panama - London for £310
Plenty of low-cost airlines are connecting these European airports. We recommend to use service of Skyscanner to quickly find out which low-cost airline offers the most competitive fare from your home town.
Booking sample to Central America - cheap open jaw flights to Panama from Europe for €353 here. In this case you would be leaving from Lisbon to Panama City on 6th of February and returning back from Central America to Frankfurt on 20th of February 2016.