UEFA has allocated 240 million euros ($260 million) to pay clubs for releasing their players for national team competitions in the 2020-24 cycle as part of its benefits programme, European football's governing body said on Friday.

The club benefits programme is based on the amount generated by the European Championship final tournament and paid to clubs that have contributed to the successful staging of all of UEFA's national team competitions.

Following Euro 2020, a sum of 200 million euros was paid to 697 clubs from all 55 member associations, UEFA said.

The allocated sum for the new cycle was approved in UEFA's executive committee meeting on Thursday.

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UEFA added 100 million euros will be given for the release of players to the UEFA Nations League 2020-21 and 2022-23, as well as the European qualifiers for Euro 2024.

"This represents an increase of 30 million euros from Euro 2020 and will ensure more solidarity to a very large number of European clubs," UEFA said in a statement.

"The amount secured for the release of players to the Euro 2024 final tournament will also be increased from 130 million euros to 140 million euros."

EURO 2024 will be held in Germany.