Some very nice maps here. I found this old one laying around, suggesting what happened to Europe 10 years after a devastating Nazi victory.
The blitz against Russia was successful and the US and Germany never went to war. The east was difficult to pacify, but progress was steady. After a few years, a truce was signed with the rump Soviet union remaining behind the Urals, but partisan activity continued in the great Russian parts of Reichkomissariat Moskva.
Meanwhile, Britain kept fighting one more year, during which German armies in the southern Caucasus and in North Africa pushed against the middle-east, while diplomatic talks forced Spain and Turkey to join the Axis. Ultimately, Churchill was thrown out of office after he failed to stop the full might of the Axis from overrunning the Middle-East. An uneasy peace was signed, granting Germany mastery of the continent and token colonies. With the lackluster Italian performance in North Africa, Hitler made it clear they would not get to keep all the Axis Middle-East, and set up a puppet Arab Federation to rule over it.
After the war, Germany absorbed the neutral nations on the continent with extreme prejudice, and rewarded his allies. France lost more land in the north and east, and shrank to her borders at the height of the HRE. In North Africa, Germany helped herself to Morrocco and Italy got Tunisia, Corsica, the italian parts of Switzerland, the coast of former yugoslavia and greater Albania, as well as East Africa. Turkey expanded eastwards and gained Cyprus. Serbia ceased to exist, split amongst her neighbors and her slav population greatly diminished through hard labor. A puppet state of Flanders-Wallonia replaced the southern netherlands, west belgium, and the Pas-de-Calais, while Germany helped herself to the germanizable lands to the east and the north.
Over the next few years, Germany sought to consolidate her role as leader of Europe and positioned herself as top dog in a new European hierarchy where each continental state occupied a position based on, essentially, how helpful she could be to Germany. France gained some clout back by being a dutiful servant, and Italy, viewed as useless, lost some as time passed. Spain and Turkey, which had bartered well for their entry into the war, were rewarded with exceptional freedom, whereas some close German allies were kept on a tight leash because they had outgrown their usefulness.
It became clear overtime that Britain would rather align herself with the US than become a close friend of the new order. Aside from the basic trading rights enclosed in the peace treaty, Britain prefered to do buisness with the New World. After her victory against Japan, America became increasingly interested in ensuring Britain's independence and well-being.
When British positions in Iran were threatened by pro-Axis revolutionary elements, the US sent help to Iran to defend the pro-western regime. Germany's answer was swift: the Azerbaji north and the rich oilfield province neighbouring Iraq were occupied and annexed into Reichkomissariat Caucasus, and the Arab Federation, respectively. The Sunnis ruling the latter quickly expelled the local Shiite population, which forced Teheran to accept full-scale US assistance, and created a first friction point between the two nuclear superpowers, and marked the dawn of the Cold War.