"We had some luck but I think we deserve to win. We were in control from the start."
England's batting total of 162 could, and perhaps should, have been much higher after Ravi Bopara's 46 and a huge 71 from Luke Wright set them on their way with 100 off 66 balls.
However, the omission of Kevin Pietersen because of a recurrence of his Achilles injury was felt keenly as the momentum was lost and the run-rate plummeted.
England's chief medical officer Nick Peirce had earlier intimated the decision to leave Pietersen out against the Group B underdogs was made with the rest of the tournament in mind.
Stuart Broad could have stolen the win but missed an attempted run-out
"In order to continue maximising his recovery for the remainder of the tournament and the summer ahead, he will undergo a scan and an injection to help determine any contribution from his lower back and to provide both short-term and long-term benefit," he said.
But with England teetering on the brink of being knocked out Collingwood is well aware he will need his talisman back on Sunday, especially as he is also without influential all-rounder Andrew Flintoff, who aggravated a knee injury while playing in the Indian Premier League.
"You always miss a player like that. Obviously for his experience but also for his power-hitting as well," said Collingwood.
"He woke up this morning and felt very sore, which was a surprise to him and a surprise to the rest of us.
We will not be the only team in the competition who gets beat by what they call a minnows team, but that is what happens in Twenty20 cricket
"Hopefully he is going to be fit for Sunday because this is now a must-win game for us."
The skipper also defended the decision to pick Yorkshire leg-spinner Adil Rashid ahead of the in-form Graeme Swann.
"We all know what Adil can do. It's a gamble on experience but not on the skills he has got," he said.
"When you have got 160-odd against a team like the Netherlands, you do expect to win.
"We built a fantastic platform, Ravi and Wrighty at the top of the order were superb again and got us off to a fantastic start but you want to kick on from there and we didn't have another batsman who kicked on.
"We always seemed to get out and were not able to hit the big shot."
After a night of high drama which got the tournament off to an astounding start at the home of cricket, Collingwood was finally left to reflect on a defeat which will send shockwaves around the tournament's superpowers.
"We will not be the only team in the competition who gets beaten by what they call a minnows team but that is what happens in Twenty20 cricket," insisted Collingwood.
"It is amazing how it brings all of the teams closer together but we are very disappointed, we did expect to win tonight and give full credit to the Netherlands."
And a delighted man-of-the-match Tommy de Grooth, who made 49 for the Netherlands, could not hide his pride at the shock victory.
"We set out a few months ago to achieve a few things - and this was one," he said.
"We wanted to play at Lord's, qualify for the World Cup in 2011 and beat a big nation, and I think we just did that."
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