This paper reviews the most recent and relevant research into the variability characteristics of wind and solar power resources in Europe. The background for this study is that wind and solar resources will probably constitute major components of the future European power system. Such resources are variable, and EU plans to balance the variability with more grids and demand response. Thus, planning for the future power system requires an in-depth understanding of the variability. Resource variability is a multi-faceted concept best described using a range of distinct characteristics, and this review is structured on the basis of seven of these: Distribution Long-Term (hours to years), Distribution Short-Term (less than one hour), Step Changes, Autocorrelation, Spatial Correlation, Cross Correlation and Predictable Patterns. The review presents simulations and empirical results related to resource variability for each of these characteristics. Results to date reveal that the variability characteristics of the future power system is limited understood. This study recommends the development of a scheme for greater systematic assessment of variability. Such a scheme will contribute to the understanding of the impacts of variability and will make it possible to compare alternative power production portfolios and impacts of grid expansions, demand response and storage technologies.