As Virtual and Augmented Reality (VR/AR) technologies revolutionize educational landscapes, European higher education institutions face the critical challenge of bridging the gap between institutional vision and practical implementation of these advanced technologies. This study examines VR/AR integration readiness through a comprehensive e-readiness survey of 127 participants (98 faculty members and 29 HE leaders) across eight dimensions. Key findings reveal significant disparities between faculty and HE leaders' perceptions. While leaders demonstrate optimistic views across dimensions, faculty report challenges in infrastructure availability, professional development, and teaching implementation. Despite high student digital competence reported by both groups, actual VR/AR implementation remains limited, especially in assessment practices. The study recommends developing strategic frameworks that align technological innovation with educational goals, enhancing professional development opportunities, and improving communication between leadership and faculty. Future research should prioritize understanding student perspectives and the integration of emerging technologies across diverse educational contexts to create immersive, equitable, and transformative learning environments.