Yes, this is allowed for EU passport holders depending on how long you spend outside of Brazil in between visits, and how long your visits last.
Exception: this regulation does not apply to citizens of Croatia, Portugal, Poland, United Kingdom and Ireland.
As seen on their website Brazil allows:
The 90-day period begins on the date of first entry and will be
counted continuously; during these 90 days, however, a multiple entry
and exit is permitted (multiple entrance);
After expiry of the
permitted 90 days, Brazil must be left definitively; only after 90
days of stay outside Brazil, re-entry is permitted again; According to
this regulation, the total duration of stay may NOT exceed 90 days
within a period of 6 months
So, depending on how long you plan to spend outside of Brazil, you will either be able to renter on the same 90 day count after spending 90 days away, or if you spent more than 90 days the first time only after 6 months away, your count will reset and you will be able to enter on a new 90 days.