That's a very good reason to feel attracted to a conservative portfolio like the PP. However the gold and bond parts of the eurozone-PP don't offer the same protection as in a US-PP.But there's a personal reason I don't want stocks to be a large part of my portfolio: volatility. I'm a contractor, I've got enough risk in my life and I do not wish to see my savings go up and down with the stock market.
The main problem with gold in a Euro PP is that the gold price seems to react to the US-dollar, not the euro. So when the euro got stronger compared to the dollar in the 00's, gold got stronger as well. Last few years it's the other way around: gold going nowhere, euro getting weaker.
The issue with euro bonds is that imo they're really not investable anymore for small investors. Yields are being suppressed to the extent that 10 year bonds pay close to zero procent... As a small investor you can get a far 'better' deal by using CD's or even just a savings account. These accounts are government insured up to 100k per bank account.
The PP is not the only conservative portfolio out there though. As lazyinvestor said you can create a conservative Boglehead portfolio, or pick something in between a PP and a boglehead portfolio.
For example, another forum member, Desert, came up with the Desert Portfolio which consists of 30% stocks, 60% intermediate treasuries and 10% gold.
This is a portfolio which can easily be translated to a euro-based portfolio:
30% global stocks
60% intermediate fixed income (spaardeposito's)
10% gold
This way you still get a bit of gold's diversification while the volatility will be very low, arguably even lower than the PP. The expected return should be slightly higher as well but don't expect to get rich quickly...