As you've heard don't do it.

But you can manipulate the symbol-table to create new variables like this:

no strict "vars";

our $hubba = "whatever";

# create a new variable $bubba and make it an alias for $hubba
*{$::{"bubba"}} = \$hubba;

print $bubba;   # prints "whatever"
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Note that this only works for variables that live in the symbol-table ("our"-variables) and not for lexicals (varibles introduced with "my").