If $x\gg |y|$, the binomial theorem gives a Taylor series $\sqrt{x}\left(1+\tfrac{y}{x}\right)^{1/2}$.
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A very simple approximation, often used in early computers, is, if $x \ge y >0$,
$$
\sqrt{x^2+y^2}
= x \cdot \sqrt{\frac{1+y^2}{x^2}}
\approx x \cdot \frac{1+y^2}{2x^2}
= \frac{x+y^2}{2x}.
$$
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Bumbble Comm
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If $x\gg y \ge 0$, then $\sqrt{x+y} = \sqrt{x}\sqrt{1+y/x} \approx \sqrt{x}(1+y/(2x)...)$
If $x\gg |y|$, the binomial theorem gives a Taylor series $\sqrt{x}\left(1+\tfrac{y}{x}\right)^{1/2}$.