Libya was fought despite the considerable commitment of almost 10,000 troops in Afghanistan but with the defence cuts now beginning to bite the Government needed to "review its capacity" for conducting dual operations "as a matter of urgency," the report said.
It highlighted that the Royal Navy, which has been the most significantly affected by cuts with the axing of its aircraft carriers and Harrier jump jets, had to jettison a number of its mandatory commitments to fight the campaign.
Taking a substantial risk in the defence of Britain's home waters or unexpected emergencies abroad, the Navy had to go without a Fleet Ready Escort for several months by not having a warship at high readiness to deploy.
All available ships had to steam to the Mediterranean and a number of these were on their way to being decommissioned under the cuts.
The Fleet also had to forego its counter narcotics patrol in the Caribbean that is likely to have meant easier transportation for drug smugglers.
"Given the high levels of standing maritime commitments it is likely that this type of risk taking will occur more frequently as the outcomes of the SDSR are implemented," the report said.
"This will be a significant challenge for the Royal Navy and the MoD and the Committee calls on them to outline their plans to meet this challenge in response to their report."
The MPs asked the Ministry of Defence to indicate "if the operation could have been carried out more effectively and efficiently with an aircraft carrier".
The report also warned that future Nato operations without US involvement "will not be possible" if America does no provide unmanned drones and surveillance and refuelling aircraft.
Nato should "examine this over-reliance on US capabilities and assets," it said.
James Arbuthnot, MP, the committee's chairman, said: "The real test is whether the success of Libya was a one-off or whether the lessons it has highlighted mean that future such missions can be successfully undertaken."
Philip Hammond, the Defence Secretary, said: "The Libyan campaign shows that we retain the contingent capability to conduct operations in addition to our commitments in Afghanistan.
"We retain the capability to project power abroad and meet our NATO obligations."
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