Europium-154 can be obtained as a by-product from the large-scale production of Samarium-153 and possesses attractive features (_t1/2 8.592 yr; Eγ 0.12–1.6 MeV) for use as a reference source similar to ¹⁵²Eu (_t1/2 13.516yr; Eγ 0.12–1.4 MeV), which is the gold standard for calibration in gamma ray spectrometry. Thermal neutron irradiation of 5 mg of 98% enriched ¹⁵³Sm₂O₃ target in the reactor led to pproximately 200 GBq ¹⁵³Sm and 1.26 MBq ¹⁵⁴Eu. A typical batch control sample of ¹⁵³SmCl₃ solution and final radiopharmaceutical product formulation of ¹⁵³Sm-phosphonate (¹⁵³Sm-EDTMP) pooled together contained about 20% of total yield, requiring post decay disposal of ¹⁵³Sm as radioactive waste. Such spent solutions pooled on quarterly basis led to availing 756 kBq of ¹⁵⁴Eu. The radioactivity content and radionuclide purity (~82%) of the recovered ¹⁵⁴Eu sample were envisaged as adequate to prepare reference sources for calibration of gamma ray spectrometers. At present, one batch of 153 Sm is handled per month at our institution, with the possibility for weekly processing in future. Access to approximately 3.5 MBq of ¹⁵⁴Eu on quarterly basis is envisaged, apart from obviating the need for instituting steps to tackle disposal of the long-lived 154Eu in the spent solution. Up to 60–120 units of 20–100 kBq of ¹⁵⁴Eu reference sources per year could thus be available by the proposed strategy.