Is this rust bad, can it be fixed?

It's superficial currently but will eventually cause problems, many modern spray paints will work, get a small bit of sand paper and masking tape and sand effected areas and paint it.
Going to be really tough to match that color.. You can use silver, orange, metallic blue, and make tape on an angle and people will assume it was some graphic accent that came with the bike!! Easy stuff, you can do it or you know someone who can for the price of coffee or beer while you both do it together!! Less than 10 euros, dollars for everything, and almost any tape will work because you are not leaving it in place for long
 
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