UEFA has moved to ease the financial pressure on European clubs caused by the coronavirus pandemic by releasing 70 million euros worth of benefit payments related to Euro 2020 immediately.

The governing body announced that 50 million euros (over £43m) will be given to clubs that released players to the 39 countries that did not qualify for the delayed finals or reach the play-offs.

A further 17.7m euros (almost £15.5m) will be given to clubs that released players during regular qualifying to the 16 countries which will take part in the play-offs, while 2.7m euros (around £2.4m) will be distributed upon completion of the matches in the autumn in respect of players being released to play in the play-off matches themselves.

The payments were originally due to be made upon completion of the play-offs, which had been scheduled for March prior to the Covid-19 outbreak.

The payments will range from 3,200 euros up to 630,000 euros and will benefit 676 clubs in total across all UEFA's 55 member countries.

"The UEFA Executive Committee today decided to release immediately the club benefit payments related to the clubs’ contribution to UEFA national team competitions in light of the current crisis and the financial difficulties many clubs are facing across Europe," read a UEFA statement.

"Such payments were originally scheduled to be made on completion of the European Qualifiers play-offs, but given the challenges faced by clubs that are having to meet ongoing financial commitments while seeing revenues dry up during the COVID-19 lockdowns, payments will now be made immediately, as follows:

"€50million (£43.6million) will go to clubs having released players for the 39 national teams not involved in the European Qualifiers play-offs.

"€17.7million (£15.4million) will go to clubs having released players for the 16 national teams taking part in the European Qualifiers play-offs (not including payments for the play-off matches, which will be paid on completion of the play-offs).

"The balance of €2.7m (£2.3million) – related to players released for the play-offs – will be distributed upon completion of the play-off matches in the autumn."

The statement continues: "For UEFA EURO 2020, a minimum of €200million (£175million) is available for distribution to clubs as agreed in the memorandum of understanding (MoU) between UEFA and the ECA, which was renewed in 2019.

"Based on the payment distribution mechanism approved by the UEFA Executive Committee, €70m will be distributed among those clubs which released players for the European Qualifiers and the UEFA Nations League, and the remaining €130milliom (£113million) will be distributed among those clubs releasing players for UEFA EURO 2020.

"These payments will benefit a very high number of clubs all over Europe and will give them vital breathing room at a critical time. 676 clubs from the 55 UEFA member associations will receive amounts ranging from €3,200 up to €630,000 for their contribution to the European Qualifiers and the UEFA Nations League for the 2018–20 period.

"In all cases, the clubs to benefit from these payments are those with which the players concerned were registered during the relevant release period. Only players released by a club belonging to a UEFA member association are taken into account."

"The full list of the clubs together with the total amount received by each club will be communicated after the final tournament has been played."

UEFA president Aleksander Čeferin said: "European clubs are an integral part of the success of our national team competitions. As a result, a share of our national team competition revenues is distributed to the clubs which release players for those matches.

"In these difficult times when many clubs are facing financial issues, especially with their cash flow, it was our duty to make sure that clubs receive these payments as quickly as possible."

Andrea Agnelli, chairman of the European Club Association, said: "This represents a much-needed liquidity injection into club finances and is a result of the ECA’s joint work with UEFA on safeguarding clubs at this time of existential threat.

"Whilst public health remains our primary concern, securing financial, legal and regulatory relief in advance of restarting football across Europe, once it is safe to do so, is of paramount importance to ECA and its members."