Manager Roberto Martinez has spoken of his desire to secure European football for the Toffees in his first season in charge at Goodison Park.
However, Distin is concerned that Everton do not have the squad to cope with the demands of the travelling and number of games in the second-tier European tournament.
"It's mixed feelings because you can't say no to playing in Europe," the South Wales Evening Post quotes Distin as saying.
"As a player it's impossible to not want that, but it's completely different from the Champions League in terms of finances for the club. It's a lot of travel and you need a big squad.
"Yes, it would be amazing for the club and for the fans to be travelling back in Europe again. But for the team, if we're not going to have a much bigger squad next season, it could be tough."
Everton are currently sixth in the Premier League table.