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"I think it was the worst day of my life," said the 65-year-old. The result, one of the biggest shocks in World Cup history, was "catastrophic," he admitted.
"I will be remembered as the coach to lose 7-1, but I knew that risk when I took the job and life goes on so that is what I am going to do."
Scolari did not say exactly what he would do after Brazil were swept aside by five goals from Thomas Mueller, Miroslav Klose, Sami Khedira and two from Toni Kroos in the opening half hour. Andre Schuerrle added two more goals after half-time before Oscar's desperate late consolation.
There will be calls for Scolari's head after the Selecao slumped to their biggest ever defeat on Brazilian soil.
"My message for the Brazilian people and fans is that we did what we could do and we did what we think was our best," added Scolari.
"We lost to a great team, with great skill, that took six minutes to change the game with four goals in an extraordinary manner.
"Please excuse us for this mistake. We are sorry we could not get to the final," he said.
"Who is the one responsible? I am. This catastrophic result can be shared with the whole group because that is what my players say and want, but I am the one who chooses the tactics, the lineup, so the person responsible for the result is me." Scolari guided Brazil to victory in the 2002 World Cup in South Korea and Japan and four years later took Portugal to the semi-finals.
His status as a football legend is now tainted, however, and he also faces an investigation into alleged tax fraud in Portugal. "My future is not a subject for me to talk about now. I have to work to get a good result on Saturday" in the third-place playoff in Brasilia, he added.