Potential for making a lot of money in Europe: Pro

Fears about Europe sent the euro and the European stocks sharply lower on Monday, but for the brave investor there may soon be an opportunity to make money, one pro told CNBC.

Mike Holland, chairman of Holland and Co., said he's not buying stocks yet but believes there is value in Europe. Couple that with the fact that the European situation should be clearer by the end of this month, and he thinks "there's the potential for making a lot of money, depending on how things play out here."

"To the extent that we have clarity and we have 5 percent kinds of declines in Europe today, we have continuing declines, you could have sectors like energy — don't laugh — and financials down at levels where we haven't seen them in terms of valuations in the last couple of cycles."

Read MoreEuropean stocks close sharply lower, led by energy

Mike Holland
Scott Eells | Bloomberg | Getty Images
Mike Holland

That clarity would come once it is known whether the European Central Bank will announce a bond-buying program, known as quantitative easing, at its Jan. 22 meeting.

The uncertainty over the ECB's move, along with political uncertainty in Greece, weighed on the market Monday, with the pan-European Euro Stoxx 600 Index closed down around 2.2 percent. It followed a broad slump in all sectors and major country bourses.

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Dave Donabedian, chief investment officer at Atlantic Trust is betting ECB President Mario Draghi will unveil QE measures at this month's meeting.

"In just two days, we're going to get the euro zone-wide inflation reading that's actually likely to show a headline deflationary number. We have the Greek elections on Jan. 25," he said in an interview with "Power Lunch."

The Greek opposition party leader Alexis Tsipras wants to renegotiate the terms of the European bailout that rescued his country from default, and that's stirred fears about Greece leaving the euro if he wins.

"Both of those things buttress Draghi's case for a significant quantitative easing program that I believe they'll announce on Jan. 22," Donabedian said.

Until then, we may have a few more weeks of volatility, he said.

—CNBC's Jennet Chin contributed to this report.