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I've not interrailed but my experience of trains and bikes in Europe is nothing but hassle. Fast trains won't accept bikes that aren't broken down in bike bags (aka can be treated as normal luggage). Some but not neccessarily all (at least in Spain) regional trains will take bikes but it can be hard to get accurate information about what the local exceptions are.
Rail replacement transport won't accept bikes unless they are in bike bags.
Consider a Brompton? -
Saw this had to think of your post
Has anyone combined cycle touring with an interrail pass in Europe ? Any advice ?