The images for europecv:
europasslogo.{eps,pdf}
EuropeFlag*.{eps,pdf}
are in directory
doc/latex/europecv/
But they belong to directory
tex/latex/europecv/
because they are included by use of the package.
Tested with MiKTeX 2.9, portable, 2012-09-04.
Simple test file.
The bug has been fixed. The fix will be made available with the
next update cycle. You can watch the MiKTeX project page
for further information on the next update.
I think this issue has to be reopend.
I have installed the newest version of this package (packaged on 2014-06-30) and it has the same problem.