I do not believe that JRRT had spefic places in mind for each place in Middle Earth. Though one might think Shire = England and so forth. BUT I think Tolkien was reaching back to the legends of most of Europe . Those of Roland , of the Viking sagas , of the Wagnerian ring cycle, those of Arthur and Alfred.
And the lands could be anywhere in Europe but I don't think he planned it that way. I think it is what our imaginaton makes it.
