Satellite remote sensing techniques play an important role in crop identification, acreage and production estimation, disease and stress detection, and soil and water resources characterization because they provide spatially explicit information and access to remote locations. The main objective of the study is to highlight the potential of using remote sensing techniques in the research field of water management, especially for “water footprint” assessment. In this paper, several vegetation indices (NDVI, NDWI, etc) and biophysical variables (LAI, fAPAR) are key variables to potentially be estimated by remote sensing and used in water footprint studies. The combination of these input parameters brings several limitations regarding the discrepancies in temporal and spatial resolution and data availability, which are described and discussed in detail. MODIS, Landsat, SPOT Vegetation and Meteosat data were used in order to estimate evapotranspiration and vegetation indices. The results of this study show the usefulness of satellite data for water footprint assessment and were obtained by the Remote Sensing Working Group in the framework of the ESSEM COST Action ES1106, “Assessment of EUROpean AGRIculture WATer use and trade under climate change” (EUROAGRIWAT).