If you want to use them for flights starting in EU, the best solution (in my opinion) is to search for Cathay Pacific flights, particularly these departing from ZRH, as this airline has very low extra charges on top of the reward (less than 100 EUR for one way to HKG). I was even able to find flights directly on AB's online search tool, although booking is possible (as Concerto has already written) only through call center.
The only problem is that 140k miles will be enough for both way flights only in economy (45k miles each way), but if you're lucky, perhaps you find one way reward in Y and the other way in C (90k miles one way) ;-)

Another good way to spend them is to search for flights to FNC or PDL, which are almost as far away from the continental Europe, as Canary Islands, but amount of miles you have to spend on reward is much lower. The good point about this method is that you can pay extra charges with miles, so in the end, you have tickets completely for free. Unfortunately, you won't be able to use all of your miles for such trip ;-)

Good luck, Bartek