Jurgen Klopp's side were denied the Capital One Cup by Manchester City in a dramatic penalty shootout at Wembley on Sunday evening.
With the Reds 28 points behind Premier League leaders Leicester City, and eliminated from the FA Cup, winning Europe's secondary competition is their last chance of silverware this season.
They were paired with fellow English giants Manchester United in the last 16, and the Liverpool defender issues a rallying call for his team-mates to beat the Red Devils en route to the trophy.
"Winning the Europa League can save the season and the Premier League is not done yet," the Ivorian is quoted as saying by Sky Sports.
"Of course we have plenty of games coming. We have another Premier League game which is very important. We need to digest this loss and then focus for the game because it will be tough.
"We can get three points against City. The final showed both sides can win."
The first leg takes place on March 10 at Anfield, before they travel to Old Trafford seven days later to conclude the tie.
In eighth, Liverpool are nine points behind fourth-placed City the race for Champions League qualification, having played the same number of games - 26.
It won't make up for losing the final, but Klopp's side can avenge Sunday's defeat when the Sky Blues come to Anfield for a Premier League clash on Wednesday night.
The Merseysiders' last trophy came back in 2012, when Kenny Dalglish's Liverpool pipped Cardiff City to League Cup glory on penalties. They won nothing under Brendan Rodgers, who replaced Dalglish but was sacked in October.