Three options:
1) Use miles or pay cash to extend by six months
2) Redeem for a trip, 40K is enough for 3 one-ways (@12,500 points per flight) (or a return + a one way) within Europe in economy, or either a return economy or one way business to the Middle East (as far as Dubai) or North Africa. Granted fuel surcharges may be an issue
3) Sign up to Virgin Australia velocity program (you need an Australian or NZ address, but if you don't know anyone there, picking a random hotel address and select electronic only communication options), you'll get 29,600 miles that expire only after 3 years of inactivity. (AB is their partner in Europe, and points would be enough for 2 one way flights up to 1200 miles in Y, or a one way economy flight on Etihad as far as India FWIW!!)