UEFA says the winner of the 2012 European Championship will receive up to 23.5 million ($33.5 million).
European football's governing body agreed at its executive committee meeting to put aside 196 million to split between the 16 finalists, an increase of 12 million from Euro 2008.
Each team will receive 8 million for qualifying.
In the group stage, UEFA will give teams 1 million for wins and 500,000 for draws, while the third-place team picks up a 1 million bonus.
The quarterfinalists will receive 2 million, the semifinalists 3 million, the runners-up 4.5 million and the winner 7.5 million.
UEFA also announced Friday that players who have made 100 appearances for their countries will receive a commemorative cap and medal.