Description: The European Ocean Observing and Forecasting System (EOOFS) plays a pivotal role in understanding, monitoring, forecasting, and managing the complex dynamics and resources of Europe's Seas. It serves as a critical interdisciplinary system for addressing a myriad of challenges, from climate change impacts to marine resources management. However, to ensure its continued effectiveness, it is essential to identify and address the gaps within this system and provide actionable recommendations for improvements at short- and long-term. Therefore, this document serves as a baseline that can guide the funders and supporters of the EOOFS, as well as the various stakeholders directly or indirectly related to the EOOFS, towards the gaps that hinder better monitoring and prediction of various ocean phenomena, along the ocean observing value chain. The main identified gaps are related to spatial and temporal coverage of data and products of the EOOFS, the data integration and accessibility by various types of users, the uncertainties of projections, the technological challenges, as well as to the engagement of various actors and the communication of results and services to them. The main recommendations to be taken into consideration for addressing all highlighted gaps are detailed in the report for every phenomenon and component of the ocean value chain. These recommendations are not provided just to satisfy the academic interest of the EOOFS community, however, they may have profound implications for multiple sectors and the society as a whole, if taken into consideration. This is due to the fact that the EOOFS is essential for climate change mitigation and adaptation measures, in improving the efficiency of the marine resources’ management, in enhancing the resilience of marine and coastal ecosystems as well as coastal cities and infrastructures against disasters and extreme events, for shipping and navigation safety, and for the scientific advancements and innovations of Europe in the field of marine science that serves the society. We propose a scoring approach that can evaluate the EOOFS readiness level (RL) in monitoring ocean phenomena, on a regular basis and in a systematic way. We have demonstrated the usefulness of this approach by implementing it based on our assessment and the feedback of the EOOFS community. The main results clearly show that the EOOFS has “Fitness for Purpose” readiness levels (RL 7) in the three main pillars of the value chain (Input, Process, and Output) only for one ocean phenomenon, while 83% of ocean phenomena have RLs varying from 1 (Idea) to 4 (Trial). A deeper analysis of the scoring results reflects that the EOOFS major gaps are predominantly concentrated in two of its three pillars: the coordination and observational elements (Process) and data management and information products (Output) (Figure 1). In a changing world that is affecting all aspects of European lives, it is crucial to significantly invest and support the EOOFS to better monitor and accurately predict the European Seas, and provide sustained services that can help businesses and improve the resilience of communities and resources.