An euphemism for "white", symptome of politically correct
madness and a sign, that calling someone "white" will get "offensive" soon.
First of all, would you ever recognise an european Tatar as "european-american"? No, you wouldn't. Neither would you recognise a Russian as "asian-american" - and the fact nobody ever tried to call Russians or Georgians like that proves it's about outward apperance (shared by the so-called races), not geographical orgin. So stop beating around the bush and grow up, people, face the adult world, in which you're exposed to some minor stresses and difficulties, like calling something by the name, by that invocing unpleasant free associations.
"White" is shorter and more accurate, than european-american, so just give it up already.