John Cabot, an Italian explorer sailing under the English flag, is credited with being the first European to set foot in North America since the Vikings. His historic landing occurred in 1497, when he reached what is believed to be the coast of modern-day Newfoundland, Canada. This event marked a significant moment in the Age of Discovery, reestablishing European presence in the New World and paving the way for future exploration and colonization efforts by various European powers.