The Euro version is not only for europe. From what I understand they called it euro to differentiate it from the USA version which is specific to the USA.
It works fine and it seems to be the only method that we in Aus have ever had until the pro module.
Yes it sucks that the old version was removed.
There were some serious updates to the Paypal security at some stage recently, It would be worth looking into if this is why the EU version was removed.
Im guessing, and this is quite uneducated, that the presence of @curl_setopt($ch, CURLOPT_SSLVERSION, defined('CURL_SSLVERSION_TLSv1')
in /modules/paypal/api/paypal_connect.php that this version of PaypalEU module is using the new security setup?
The module appears to be official, it has a blue official icon on it stating that it was made by prestashop. Payments and Gateways PayPal v3.8.2 - by PrestaShop - Official
Accepts payments by credit cards (CB, Visa, MasterCard, Amex, Aurore, Cofinoga, 4 stars) with PayPal.