The Serbian FA (FSS) was fined on Thursday and told it must stage its next under-21 home match behind closed doors after players and fans were found guilty of improper conduct.
The UEFA charges followed England's 1-0 victory in the European under-21 championship play-off in Krusevac when visiting full-back Danny Rose complained he was racially abused by Serbia supporters before, during and after the game.
"We are disappointed with the sanctions levied by UEFA with regards to the racist behaviour displayed towards England's players," FA general secretary Alex Horne said in a statement.
"Let's be clear, racism is unacceptable in any form and should play no part in football. The scenes were deplorable and we do not believe the sanction sends a strong enough message."
Serbia's assistant coach Predrag Katic and fitness coach Andreja Milunovic, who had already been suspended by the FSS for violating its ethics and fair-play code, were banned from football for two years by European football's ruling body.
The FSS had denied the racism charges and said after the match that Tottenham Hotspur defender Rose, who is on loan at Sunderland, had provoked the home fans in an "inappropriate, unsportsmanlike and vulgar manner".
"The punishment is not as harsh as we thought it might be but the verdict and the incident that caused it should come as a last warning to everyone representing Serbian football," Lakovic said.
"That means the coaches, the players and of course the fans because even the slightest trouble in future could result in the most rigorous measures."
