The Spurs manager believes the Manchester United star could miss the entire group stages in Poland and Ukraine and insists the striker's suspension will be a "massive blow"
The Manchester United forward was dismissed by referee Wolfgang Stark for a petulant reaction during Friday's qualifier in Podgorica and will miss at least the first group game at next summer's tournament
Redknapp fears the Three Lions could even be without their talisman for three games in Poland and Ukraine and believes the suspension could end up costing Fabio Capello's side.
"It's hugely disappointing," Redknapp wrote in his column in The Sun.
"He could be missing for the entire group stage and the rush of blood could end up costing him and England dearly.
"A likely two-game ban at the start of the Euro 2012 finals is a massive, massive blow for England.
"He just cannot go around doing that sort of thing. We thought we'd seen the last of it but I guess he had his angry head on after all.
"Rooney is a ferocious competitor for Manchester United and for England but there has to be a line.
"I was thinking how mature he looked and how the situation involving his dad and his uncle had clearly not affected him and he had moved on."
Goals from Ashley Young and Darren Bent helped secure a 2-2 draw for Fabio Capello's side that was enough to book their spot in the Euro 2012 finals and Redknapp had words of praise for the attacking trio of Young, Rooney and Theo Walcott.
"The three forward players all did well," he added. "Ashley Young, Theo Walcott and Rooney - aside from his sending off, of course.
"There is pace, energy and talent in that area and they are progressive players."