Input line lost when pasting multiple lines and $EDITOR is not set

[osa1]

Suppose I have this input line:

osa1: blah blah blah

and in the clipboard I have a string with multiple lines (e.g. one or more \n characters in the clipboard). Now if I paste it and I don't have $EDITOR set I get an error message

Can't paste multi-line string: make sure your $EDITOR is set

which is fine, but I the input line also gets lost:

osa1:

The lost line is not in the history so up arrow doesn't bring it back.