Improving our understanding of the energy and water exchanges between the land surface and the lower atmosphere (i.e. land–atmosphere interactions), and how climate change may affect them, is crucial to predict changes in temperature and precipitation extremes. Observations of energy and water fluxes at the land surface are typically retrieved from the eddy covariance method, which presents limitations related to spatial and temporal gaps, and the non-closure of the energy and water balances. Meanwhile, soil moisture (SM) products derived from satellite data have been widely used at regional and global scales, but they are limited to capture only surface soil water content and variations. The combination of remote sensing (RS) data and modelling frameworks is called to be the solution to improve the spatial coverage and vertical resolution of land–atmosphere interactions data, ensuring the energy and water balance closure. Here, we explore the combination of remote sensing and meteorological data with a physical-based modelling framework, the High resOlution Land Atmosphere Parameters from Space (HOLAPS). We used HOLAPS to produce hourly consistent estimates of energy and water fluxes over Europe at 5 km resolution. HOLAPS and other satellite-based evapotranspiration and sensible heat flux products from the literature are evaluated against the water balance method and eddy covariance measurements. HOLAPS SM estimates together with other RS-modelling products are also evaluated against ground-based measurements at the surface and in the root zone. The evaluation of HOLAPS ET estimates show similar performance to the other products with Kling–Gupta efficiency (KGE) ¿ -0.41 in comparison with eddy covariance measurements from FLUXNET in all seasons but in boreal winter. The simulation of H is more uncertain than for ET with KGE values ranging from -2.5 to 0.8 along the products and stations at monthly scales. HOLAPS reaches slightly better results than the rest of ET and H products at daily scales in summer (KGE ¿ 0.3 for ET and KGE ¿ 0.0 for H) and during hot conditions (KGE ¿ 0.2 for ET and KGE ¿-0.2 for H), while the state-of-the-art products show KGE ¿ 0.1 for ET and KGE ¿ -0.41 for H in summer and KGE ¿ -0.1 for ET and KGE ¿ -0.6 for H during hot conditions. All products evaluated here yield a reasonable performance (KGE ¿-0.41 at most sites) in simulating SM at the surface and in the root zone. Our results expose the need for further investigating and improving product performances during extreme conditions. The good performance of HOLAPS together with its inherent advantages (RS data driven, high temporal and spatial resolution, spatial and temporal continuity, soil moisture at different depths and long-term consistent evapotranspiration and sensible heat flux estimates) support its use for agricultural and forest management activities as well as to study land–atmosphere interactions based on Earth Observations.