The PAL area version of The Last of Us will be missing few elements from American release. The news was unofficially released on a forum with a answer from Company Employee.
Local Rating agency standards are the main culprit behind this. The imported North/South American version will not be censored.
The elements that will be missing include multiplayer mode. Survivors cannot be dismembered, and there’s much less blood. While single-player campaign is uncut in all territories.