Hungarian medallists are set to get massive funding boosts for the upcoming Olympics ©Getty Images

The Hungarian Government has announced an increase in funding for athletes who win medals at the Tokyo 2020 Olympics, with those who make the podium receiving around 40 per cent more than before.

Olympic champions at the postponed Games in 2021 are expected to receive HUF50 million (£127,000/$172,000/€141,000), up from HUF35 million (£89,000/$120,000/€98,000) at previous Games.

Silver medallists are now set to earn HUF37.5 million (£95,000/$129,000/€106,000) while bronze medallists are set to get HUF28.5 million (£72,000/$98,000/€80,000).

Those who make the podium in Olympic qualification competitions such as the European and World Championships may also make more money in the future too.

World champions are set to receive a one-off allocation of HUF 6.2 million (£15,800/$21,300/€17,500), up from HUF2 million (£5,000/$6,900/€5,600). 

Katinka Hosszú will be looking to add to her three Olympic swimming titles in Tokyo ©Getty Images
Katinka Hosszú will be looking to add to her three Olympic swimming titles in Tokyo ©Getty Images

European champions are set to have their winnings increased to HUF3.7 million (£9,400/$12,700/€10,400) from HUF1 million (£2,500/$3,400/€2,800).

The last time the prize money was increased by the Government was before the London 2012 Olympics.

Tokyo 2020 was postponed by a year to 2021 due to the COVID-19 pandemic, and the Olympics are now scheduled to take place from July 23 to August 8.

Hungary has won eight gold medals at four of the past five Summer Olympic Games, having finished outside the top 20 on the medal table only once since their first Olympics in 1896.

Fencing, swimming and canoeing are the nation's most successful Olympic sports.