European football's governing body said in a statement on Thursday that it had also approved the introduction of a programme which will see teams that release players for the Euros rewarded with payouts from a €4.5m fund.
The decisions were announced following a UEFA executive committee meeting in Chisinau, Moldova on Wednesday and the continental governing body added that details of its financial distribution scheme would be made available soon.
The women's tournament, originally scheduled for this year but postponed by 12 months because of the coronavirus pandemic, is set to take place in England from July 6-31 2022.
UEFA also approved changes to its solidarity payment model for men's teams not participating in club competitions in the 2021-24 cycle, with full details to be announced soon.
The move comes after UEFA had to fend off an attempt by 12 top European clubs earlier this year to form a breakaway European Super League.
Changes were made to UEFA's flagship Champions League competition with the approval of a new format from 2024-25 with 36 clubs and teams set to play four more matches.
UEFA said its latest decision reaffirmed its strong financial commitment to the whole of European football.
It said the 4% solidarity for non-participating clubs -- €140m based on projected revenue of €3.5 billion -- will be boosted by 30% of revenue generated by club competitions above €3.5bn up to a maximum of €35m.
"As a consequence, a total of €175m is expected to be available from competition revenue for non-participating clubs, compared to €130m in the 2018-21 cycle," UEFA added in Thursday's statement.
"And the share reserved for the non-top five associations will increase to €132.5m (around €50m more than with the previous scheme, representing a more than 60% increase."