The 36-year-old princess was spending a few days in Cervinia in north-east Italy with her husband, Prince Daniel and their daughter Estelle, as well as the King of Sweden, Carl XVI Gustaf, and his wife Queen Silvia.
Victoria was taken by private helicopter to nearby Aosta, and from there to a hospital in Geneva, Switzerland where doctors said she had sprained her ankle.
"It was nothing dramatic and doesn't affect her holiday or public commitments. She's fine," said Ulrika Näsholm, information secretary to the Royal Family.
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Italian newspaper La Repubblica reported that Victoria had left hospital in the afternoon following her fall after undergoing an x-ray.