UEFA, European football's governing body, announced on Friday that it had 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 program.

The club benefits program 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 ($218 million) was paid to 697 clubs from all the 55 member associations, UEFA said.

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

UEFA added that 100 million euros ($109 million) 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," said a UEFA statement.

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

Euro 2024 will be held in Germany.

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