Hmm. Various things have to exist to enable a low-cost airline to function, which we take for granted in the US/Europe. Some of which are the acceptance of the idea of competition by the authorities, a large and wealthy enough population to want to fly regularly and with the business and leisure requirements to do so (you can travel vast distances in South America on very comfortable coaches with sleepers etc for very affordable amounts and actually get to city centres, rather than airports in the middle of nowhere - oh yes, with few baggage restrictions as well), a regime that doesn't have too high a level of corruption or too little security. Bear in mind that the GNP in South America is substantially lower, but the price of air travel is in most regards broadly comparable (since leasing costs, fuel costs etc are dollar-linked). I think Brazil is probably the only country which is large enough (i.e. Europe-sized!) and populous enough for this to work - and surprise surprise, we see GOL!
Nice thought - but I don't think its fully thought through.