The Red Devils are well-placed to reach the knockout phase of the competition and the captain believes that the tournament provides United's most likely route to Champions League qualification next term.
Speaking to TNTSports, Fernandes said: "I see it as a target. It has to be.
"This club, we can't hide from it, we have to win trophies. It's about winning trophies. Either we fight for all of them or not.
"We have to go into every competition understanding that we have to fight and do the best we can to get into the moments where we can win something.
"For us, the Europa League is a target. It's probably the biggest target we have for the season, as silverware in a European competition - it's really big.
"We're still in the FA Cup, which is massive for us. We know really well from last season how much it means for us and the fans.
"We're still in the Carabao Cup, and in the league, we have to do the best we can to get in the highest position possible."
United take on Norwegian side Bodo/Glimt in the competition on Thursday (28.11.24) and Fernandes expects a "special" atmosphere for what will be the first home game in charge for new manager Ruben Amorim.
The Portuguese international said: "It's going to be a warm [reception]. You could see it already at the end of the game at Ipswich. They already had a song for him!
"He's going to feel it. Old Trafford is special and he's going to understand it even better now.
"He's been here as a player against, but now he's going to understand how much love the fans give to everyone in this club, either in good or bad moments.
"It's going to be a special day for him and all his staff."