The Croatian Football Federation (HNS) was docked 80,000 euros ($99,575) for offences which included the racist abuse of Italy striker Balotelli by between 300 and 500 of the country's fans during a Group C game in Poznan, which was also dogged by accusations a banana had been thrown onto the field.
The fine was one of the biggest imposed by European football's governing body for racism-related incidents but it was still significantly lower than the 100,000 euros ($124,468) punishment and one-match ban dished out to Denmark striker Bendtner 24 hours earlier.
Critics of the decision pointed out earlier that UEFA had taken more draconian action against Bendtner than it had over several racist incidents down the years.
Those arguments carried even more weight on the back of this decision when considering that Croatia's fine - which it was given three days to appeal once it receives the written judgment - was not only for racist abuse.
The HNS, which last week labelled its misbehaving fans 'deviant', was also punished for them setting off and throwing fireworks for a second time at EURO 2012.
It had already been docked 25,000 euros ($31,119) for that - and the invasion of the pitch by a supporter - during the win over Republic of Ireland.
Croatia has been previously fined twice for racism by UEFA and FIFA since 2008 and the former's president Michel Platini launched a stinging attack on its fans.
But an even dimmer view appeared to have been taken about Bendtner's antics, something that was ridiculed by the bookmakers whose branding appeared on the underwear he hoisted up after scoring in Denmark's Group B defeat to Portugal six days ago.
Paddy Power offered to pay Bendtner's fine, branding the 'pantsgate' sanction 'barmy' and to the punishment being more severe than those for racism.
A company statement read: "Paddy Power are also issuing an alert to all other players intending to wear their own lucky underpants in the remaining UEFA fixtures to keep the string tied tightly on their shorts so that they too don't face the wrath of the over-the-top UEFA pants police."
Germany was the latest team to face punishment for the extremist behaviour of its fans when action was taken over the display of a neo-Nazi banner during the Group B win over Denmark.
The FARE (Football Against Racism in Europe) network, which has been working with UEFA to monitor crowd problems at EURO 2012, posted on its official Twitter account: "FARE can confirm that one of our observers reported a neo-nazi banner in the German section at the match v Denmark in Lviv on Sunday."
Disciplinary proceedings were opened against the German Football Association (DFB) for the 'display of inappropriate banners and symbols, and inappropriate chanting'.
The DFB was also charged with the setting-off of fireworks, having already been fined 10,000 euros ($12,447) after its fans threw screwed up pieces of paper at Portugal players during the opening group game.
UEFA's Control and Disciplinary Body will deal with the latest case on Saturday.
EURO 2012 has been marred by several allegations of racism, including another involving Balotelli, one surrounding Czech Republic defender Theodor Gebre Selassie, and claims of such abuse during a Netherlands training session before the tournament even began.
Last week saw Russia hit with a suspended six-point deduction for its EURO 2016 campaign over the behaviour of its fans in Poland and Ukraine, which included the display of extremist banners.