The German Football League (DFL) confirmed on Saturday (AEDT) that all Bundesliga and 2. Bundesliga matches have been postponed until at least 2 April.
That followed an earlier announcement that games would go ahead as planned behind closed doors this weekend, leading to criticism from Bayern Munich star Thiago Alcantara.
Bayern president Karl-Heinz Rummenigge defended the DFL's initial decision to play one more round of fixtures, warning of the impact to smaller clubs if the season ended prematurely.
Watzke agrees "other approaches" should have been taken, with clubs set to meet on Monday to discuss further postponements
"The Presidium of the DFL has made a decision that needs to be respected, regardless of the fact that there would have been other approaches," he said in a club statement.
"We all have to do this together in solidarity and discuss the corresponding derivations on Monday.
"Nevertheless, it also applies – depending on what will be decided on Monday – that German professional football is in the greatest crisis in its history.
"It is to be hoped that the Bundesliga clubs have built up so much substance in recent years that everyone will survive this crisis.
"An existential threat to Borussia Dortmund can be excluded according to everything we can assess today."
Dortmund, which was due to face bitter rival Schalke on Sunday (AEDT), is second in the Bundesliga and four points adrift of leader Bayern Munich.