European football’s governing body, UEFA has said next year’s Women’s EURO showpiece event would see the 16 teams benefit from a €16million pot, up from the €8million that was on offer at last edition Euro 2017.

The body also said it has approved the introduction of a programme which will see teams that release players for the Euros rewarded with payouts from a €4.5 million fund.

The tournament, originally scheduled for this year but postponed by 12 months because of the COVID-19 pandemic, is set to take place in England from July 6-31, 2022.

UEFA said their executive committee approved the “substantial increase” at a meeting in Chisinau, Moldova, on Wednesday.

“The financial distribution will include increased guaranteed amounts and performance-based bonuses for the group stage.

“The increases in financial distributions and introduction of a club benefits programme are key strategic initiatives of UEFA’s women’s football strategy, TimeForAction, ensuring that more money than ever before is distributed across the women’s game.”

Despite UEFA ramping up investment, there remains a wide disparity between financial rewards at the men’s and women’s elite levels.

The men’s EURO 2020 tournament repirtedly offered a prize fund of around €330million and now with the latest increment, the women’s EURO will receive €16million.

FIFA president Gianni Infantino promised in 2019 that the next Women’s World Cup, in 2023, would see prize money at least double to $60million. The men will play for $440million at next year’s World Cup in Qatar.