Two-part question:
1) Can it be fixed? Probably. Not always, though, depending on what is 'fogged' or otherwise damaged. Damage between air-spaced elements is usually easily fixed up, unless the type of damage has done an insult to the lens coating (like fungus in some cases). Damage between cemented elements is much more difficult to fix, although it can also generally be done.
2) Cost-effective? Depends entirely on what you have in mind and how extensive the damage may be.
My opinion, gained over some years of playing around and trying to save a buck or two, is that some minor types of between air-spaced element fogging can be cleaned by a layman such as myself, giving me a low-cost lens that I'm quite pleased with, while having the lens CLA'd almost always ends up costing me more than a prime example of the same lens would have to start with. There are always exceptions, such as rare lenses or lenses which one might obtain from a family member and wish to keep for sentimental reasons, etc.
Although I am still tempted by low-cost lenses from time to time, in general nowadays, I tend to wait and pay a bit more for a lens that I believe will not need to have work done, from a reputable seller who will stand behind their word when they claim the lens is 'without scratches, fogging, haze, etc'.