How much prize money is awarded at the European Championship?

When it comes to tournaments like the European Championship, it is about winning and on-field success. Not so much about prize money. Yet, the financial compensation is a bonus for national federations to offset its investments and for future projects. 

But how much does UEFA distribute to participating nations? How much has every nation earned at EURO 2024 (so far)? And which nations have historically earned the most prize money at the European Championship?

Prize money awarded at Euro 2024

Prize money awarded per round at EURO 2024

The total amount of prize money UEFA awards to the 24 nations competing at EURO 2024 is €331 million. Of which €222 million (67 percent) is awarded as participation fee. This comes down to €9.25 million per nation. 

The other €109 million (33 percent) is based on performances. For every group stage win, nations receive €1 million, while a draw is worth €500,000. Qualifying for the round of 16, quarterfinals and semifinals adds a further €1.5, €2.5 and €4 million respectively. While the finalists receive another €13 million (€5 for the runner-up and €8 for the champions).

The total amount the champions can earn, if they win all their group stage matches, is €28.25 million.

Amount of prize money at the European Championship 2024 per round

Participation fee€9.25 million
Group stage win€1 million
Group stage draw€500,000
Round of 16€1.5 million
Quarterfinals€2.5 million
Semifinals€4 million
Runner-up€5 million
Champion€8 million

Amount of prize money awarded by UEFA since 2004

The total amount of prize money UEFA distributes to participating nations has increased with 157 percent since EURO 2004 in Portugal (€128.9 million). At the time, only 16 nations qualified for the tournament.

Between the European Championships in 2004 and 2008, prize money increased by 43 percent to €184 million. Especially the participation fee given to nations was much higher. At EURO 2008 in Austria and Switzerland, nations received a base fee of €7.5 million, 55 percent more than in 2004.

In 2012, UEFA increased prize money by another €12 million. All nations received €500,000 more for qualifying for the event in Poland and Ukraine. Furthermore, teams finishing the group stage in third place received a €1 million performance bonus. The idea behind this bonus was to provide extra motivation for the last groups stage match, even if reaching the knockout stage was no longer a possibility.

Total prize money at European Championships between 2004 and 2020.

Increase in number of nations, increase in prize money

The tournament expanded to 24 nations in 2016. According to Michel Platini (UEFA president at the time), it would allow for more nations to grow. As the top 30 countries (as defined by the FIFA ranking) often featured 20 European nations, he expected a strong field despite eight more nations participating (+50%).

To adjust for this expansion, UEFA increased prize money by 54 percent. With the average prize money per nation participating increasing from €12.25 million to €12.54 million.

This has risen to €13.79 million for the last two editions. EURO 2020 became a special edition. To celebrate the competition’s 60-year anniversary, the event was held across 11 different European cities. Furthermore, the COVID-19 pandemic caused the tournament to be postponed by one year.

Apart from total prize money being equal for EURO 2020 and 2024, performance fees are also distributed identically. The only difference (€30 million) compared to 2016, is the participation fee. In 2016, the 24 nations received a minimum of €8 million. Even if they lost all their matches. This has increased by €1.25 million (15.6 percent) to €9.25 million.

How much prize money did the European Champions earn?

As total prize money increased over the years, so did the amount the champions received. The total amount the champions can earn is dependent on their performance during the group stage.

During the five editions between 2004 and 2020, only two champions received the maximum possible amount of prize money. UEFA paid €28.25 million to Italy for winning EURO 2020. The Italians beat England after penalties in the finale at Wembley (London). They had won all their matches in their group with Turkey, Wales, and Switzerland.

In 2008, champions Spain also received the maximum amount of prize money (€23 million) having won all their matches. Four years later, during EURO 2012, Spain were once again crowned champions. However, they missed out on the maximum amount of prize money due to a 1-1 draw with Italy during the group stage.

Prize money earned by European Champions.

Who has earned the most prize money at the European Championship between 2004 and 2020?

Spain has earned the most prize money (€82.6 million) during the European Championships between 2004 and 2020. The country qualified for all five tournaments held during this period. They were also crowned champions twice (2008 and 2012). 

With €78.9 million and €78.7 million, Italy and Portugal earned the second and third most respectively. With both nations reaching two finals, of which they won one, during the observed period.

2024 hosts Germany did not win the European Championship between 2004 and 2020, yet they still earned €71.2 million in prize money (ranked fourth). While England (ranked sixth) earned €56.8 million across four tournaments. The Three Lions failed to qualify for EURO 2008 in Austria and Switzerland.

Greece does not make the top 10 of nations with the most prize money from tournaments between EURO 2004 and 2020. Despite winning the 2004 tournament, they are ranked 15th (€35.8 million). The last time they qualified for the European Championship was in 2012.

Top 10 with most prize money at European Championship since 2004.

Data sources:
UEFA financial reports [2003/042007/082011/122015/162019/20]
UEFA budget 2023/24