The 24 qualifiers for Euro 2020 will share record total prize money of 371 million euros ($456m, £327m), a considerable increase from the last European Championship, UEFA said at its Congress in Bratislava on Monday.
The total amount is 23 per cent up from Euro 2016 in France, which was the first time 24 countries made up the competition.
Each competing nation will receive 9.25 million euros simply for taking part, plus a further 1.5 million euros per win in the group phase and 750,000 euros for a draw.
There will be further prize money for reaching each round in the knockout phase, meaning the winner will pocket 20.25 million euros on top of earnings from the group stage.
The winner will therefore take away a maximum of 34 million euros, compared to 27 million euros in 2016.
Euro 2020 will be played in 12 different cities across Europe, with Wembley in London hosting the final on July 12.
UEFA also rejected the application by Jersey, a British Crown Dependency in the Channel Islands, to become a member after it failed to acquire votes in favour from two-thirds of the European association's 55 existing members.