Is there a way to obtain an approximate expression for the square root $\sqrt{\varepsilon}$ of a small number $\varepsilon \ll 1$?
To be more precise, I would like to have an expression which (1) I can easily handle by a mental calculation and (2) does not involve a square root. Of course, I can easily calculate $\sqrt{0.01}$ but I have to admit that I would have to think a bit harder for $\sqrt{0.001}$.
I commonly use Taylor series expansions to calculate approximate results for expressions like $(1+\varepsilon)^\alpha \approx 1 + \alpha \varepsilon$ but this approach obviously fails here since $\sqrt{\varepsilon}$ is not analytic for $\varepsilon = 0$.

Write $\varepsilon$ as the product of $a$ and $10^{-n}$, where n is an even number. For a simple mental approximation of its square root, take $b$ to be a known square close to $a$ and evaluate:
$$\sqrt{\varepsilon}\approx\left(\sqrt{b}+{{a-b} \over 2 \sqrt{b}}\right)10^{-n/2}$$
Example: $$\sqrt{0.17}=\sqrt{17*10^{-2}}\approx\left(\sqrt{16}+{{17-16} \over 2 \sqrt{16}}\right)10^{-1}={33\over8}10^{-1}=0.4125$$
Which is a fairly accurate approximation of $\sqrt{0.17}=0.412311...$ The error in using this method is visualized below.
Yes, that technically does involve square roots, but if you can mentally calculate the square root of 0.01, I take it the square root of 16 borders on acceptability.