The most common and most likely answer to this crossword clue is the 8 letter word EUROZONE
I've seen this crossword clue in The Times
E
U
R
O
Z
O
N
E
More clues leading to the result EUROZONE
- Be sorry about pungent gas that covers much of the continent
- Regret returning down under, sole region sharing its bread
- Feel bad about turning on gas in beleaguered economic area
- Ancient city zoo compound in east-north-east continental area
- Be sorry over bluish gas that all but covers continent
- Regret, in hindsight, giving little weight to individual in financial regime
- Way for French to reverse possibly toxic atmosphere in troubled grouping
- Regret returning to refreshing air in monied area
- Regret about atmospheric layer covering group of countries
Buddy explains!

The straight part
We know that "that covers much of the continent" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case that covers much of the continent = eurozone.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does EUROZONE mean?
EUROZONE proper noun- (the area of) those European Union member states whose official currency is the euro.