Before the Indo-Europeans arrived in Europe in the late Neolithic Europe was populated by other people. They got pushed to the margins and presently the sole surviving remnant seem to be represented by the Basque people of North West Spain and SW France. See http://en.wikipedia.org/wiki/Basque_language.
Since the ancestors of the Basques must have inhabited Europe for a much longer time than the Indo-European invaders, then according to the legal precedent set by the UN in creating Israel; Europe should be awarded to the Basque people. Likewise all of America should be given back to the native Indians, and all of Australia to the native Australians. Native Americans even have legal documents granting them rights over various bits of land, though every treaty the Indians made with the white settlers was broken. Attempting to wind back 2000 years of conquest and reconquest by creating Israel out of land inhabited by people who had legal proof of ownership was the most stupid thing the British and the UN ever did.