The new European East Pass will allow unlimited travel in first class on the national railroads of Austria, Czechoslovakia, Hungary and Poland, starting Jan. 1. The pass will work like Eurailpass, which allows discount travel in 17 countries, including Austria and Hungary.

FrenchRail, the agent for the new pass in North America, will offer two passes valid in first class: one for $160 a person that allows five days of travel within a 15-day period and the other for $259 a person that allows 10 days of travel within a month.The European East Pass, which is expected to be available through travel agents in December, will offer substantial savings to the traveler making several journeys. Information: FrenchRail, 226 Westchester Avenue, White Plains, N.Y. 10604; 800-848-7245.