The ex-England captain also suffered similar frustration during the 2014 World Cup, where they failed to advance from their group stage for the first time since 1958.
Gerrard wrote in his column for the Daily Telegraph, expressing his thoughts towards England's UEFA Euro 2016 campaign and the panic the English lads had when they went down 2-1 to underdogs Iceland.
"We failed so badly on Monday because of our poor decision-making, an inability to respond to events as they unfolded and because we repeated too many of the mistakes of the past.
"When England went behind, many of those players will have been thinking of the consequences of defeat as much as what to do to get back in the game.
"I hate to say it, but your mind drifts to what the coverage is going to be like back home and the level of criticism you are going to get.
"Panic sets in. The frustration takes over. You freeze and stop doing those things you know you should be. You start forcing the game, making the wrong choices with your passes, shooting from the wrong areas and letting the anxiety prevent you from doing the simple things.
"Everything you said and prepared for before the game gets forgotten. I hear people say that is a sign of mental fragility. Maybe it is, but that is what we have got with the England team created by 50 years without winning a major tournament. It's what happens."
The Liverpool legend added:
"Daniel Sturridge, Wayne Rooney, Raheem Sterling, John Stones, Dele Alli. Don't tell me these are not top players who can deliver for England in the future.
"Don't tell me the players don't care, or that they will not have been sitting in that dressing room absolutely devastated by what happened.
"As low as we all feel now we can recover from this and we have to move away from recrimination and get on with finding solutions as soon as possible.
"I cannot remember feeling so down as an England supporter, but we have to act constructively to make sure it never happens again. And we have to be careful before we write off the idea we have any talent. We need to nurture it before the next World Cup, not kill it."
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