The tournament, the third largest sporting event in the world after the Olympics and the World Cup, is being jointly played in Austria and Switzerland, with the final to be held in Vienna's Ernst Happel stadium on June 29.
Over the next 23 days the tournament will see 31 games at eight different stadiums across the two countries. Joint hosts Austria are in Group B and face Croatia in their opening game on June 8.
"The party is going to start," said UEFA President Michel Platini on Friday. "There is going to be a lot of drama, there will be pain and joy, and the best team will be the winner. I also hope that football will be the winner. I'm expecting wonderful emotions and I'm passing the ball on to all the players, who are key to our success."
Respected British bookmakers William Hill make Germany 4-1 favorites, with Spain at 5-1, and Italy at 13-2.
Russia are 22-1 outsiders.
Greece, who shocked the world by lifting Euro 2004, are also at 22-1.
Some 20,000 Russian fans are expected to attend the tournament to cheer on their team. Russia, managed by experienced Dutch coach Guus Hiddink, kick off their campaign with a game against Spain on June 10.