Combustion turbine component having rare earth NiCoCrAl coating and associated methods

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A combustion turbine component (10) includes a combustion turbine component substrate (16) and an alloy coating (14) on the combustion turbine component substrate. The alloy coating (14) includes a first amount, by weight percent, of nickel (Ni) and a second amount, by weight percent, of cobalt (Co), the first amount being greater than the second amount. The alloy coating also includes chromium (Cr), aluminum (Al), and yttrium (Y). The alloy coating further includes at least one of titanium (Ti), tantalum (Ta), tungsten (W), and rhenium (Re). Moreover, the alloy coating includes at least one rare earth element, and an oxide of at least one of the yttrium the at least one rare earth element.