Mercedes immediately shot itself in the foot at Zandvoort by staying out too long on slicks when it started raining at the start.
The team underestimated the intensity of the brief shower that shook up the order, as it also caught out other teams including McLaren and Williams.
The strategy error hindered Lewis Hamilton's recovery from 13th on the grid and made George Russell lose a whole minute as he sunk down the order from third on the grid.
"I think we stayed out catastrophically too long. We got it completely wrong," Wolff admitted to Sky Sports F1.
“We will review thoroughly. The situation is never one person or one department. It is the communications between driver, pitwall, strategy, weather and then all of us taking decisions.
"That was absolutely subpar from all of us, and that includes me. It’s good when it hurts. When it stings, it sticks."
Source: Autosport