The figure marks an increase of nearly €500 million (£428 million/$530 million) from the previous edition of the tournament, held in Poland and Ukraine in 2012.

UEFA Euro 2016, won by Portugal after they beat the host nation 1-0 in the final, cost a total of €595 million (£509 million/$630 million) to stage.

The tournament generated total revenues of €1.92 billion (£1.6 billion/$2 billion), with more than €1 billion (£856 billion/$1.1 billion) of that figure coming from broadcast rights.

Portugal's victory at the Stade de France in Paris saw them pocket a total of €25.5 million (£22 million/$27 million) in prize money.

The rise in income made at the event, UEFA's flagship quadrennial tournament for national teams, allowed the governing body's President Aleksander Čeferin to hand out €1 million (£856,000/$1.1 million) "solidarity" bonuses to each of the organisation's 55 members.

UEFA's figures also show they generated broadcast revenues of €3 billion (£2.6 billion/$3.2 billion) through their entire competition programme, which also includes club tournaments the Champions League and Europa League.

They reveal €9.7 million (£8.3 million/$10.3 million) was spent on travel, hotels and payments to UEFA Executive Committee members in the 2016 to 2017 period.

The announcement comes after FIFA announced a loss of $369 million (£298 million/€348 million) for the 2016 financial year.

The figure revealed by world football's governing body can partly be put down to legal expenses caused by the ongoing corruption scandal.

Legal costs rose from £20.2 million (£16 million/€19 million) to $50 million (£40 million/€47 million) while FIFA has also adopted a new revenue recognition standard called IFRS 15.

This sees figures now reflect the organisation's business model over a four-year World Cup cycle.

FIFA claim that under the new method there will be $1 billion (£807 million/€943 million) of profit in 2018, the year of the next World Cup in Russia, although further losses are expected this year.