The meaning is basically the same to americantrash, the main diference is that for americantrash, the planet is called USA, and eurotrash its not so ignorant about the world, and other cultures, and was not ignorant enough to make the word.
Oontz: Ve are all out of Zima. Instead let us ride in my 2007 alfa romeo and listen to bad techno.
Heinrich: We smell very good.
Observer: you are euro trash.