Use sed with extended regex to remove all unwanted words:
$ places='austria rome italy venice london'
$ echo $places|sed -E 's/austria|italy|london//g'
rome venice
Where:
-E is extended regex, to match multiple words via OR
(|) operator
g matches all instances of found words
Update:
Previous answer left leading whitespace that can be removed via:
$ echo $places|sed -E 's/austria|italy|london//g'|sed 's/^[ ]*//'
rome venice
As Kristianmitk pointed out, double spaces created by a removed word's leading and ending spaces can be replaced by a single space:
$ echo $places|sed -E 's/austria|italy|london//g'|sed 's/^[ ]*//;s/ / /g'
rome venice
Alternatively, you can remove unwanted words and all trailing space after them:
$ echo $places|sed -E 's/austria *|italy *|london *//g'
rome venice