England were beaten 4-2 by Italy after their quarter-final clash in Kiev finished goalless after extra-time.
It was England's fifth penalty shoot-out exit from a major tournament since 1990 but Gerrard said it was no less painful following his team-mates' exertions.
"Everyone's been great in training, every time we've come out I think we've done the country proud, but again we're going home with heartbreak, which is difficult to take," he said.
"I just feel for the players who from day one have given everything and today we did the same.
"This time in the penalty shoot-out we thought we might have the bit of luck we needed but it wasn't to be.
"Credit to Italy they are fantastic team and they got the luck in the shoot-out."
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