Hi,
Yes, you can subscribe to Microsoft 365 Basic for $1.99 per month if the plan is available in your region. You can check the available plans and subscription options here: https://account.microsoft.com/services.
To better understand your situation, what do you mean by reactivating your account? Is your Microsoft account closed, or has your Microsoft 365 subscription simply expired?
Microsoft 365 Basic includes 100 GB of cloud storage, an ad-free Outlook.com experience, and additional security features. However, it does not include the desktop versions of Word, Excel, and PowerPoint.
Please note that subscribing to Microsoft 365 Basic will not reactivate a permanently closed Microsoft account.