A prize fund of €8 million was available at the Women's Euro 2017, which will be doubled at next year's competition ©Getty Images

The total pot of prize money for next year's UEFA Women's European Championship has been doubled to €16 million (£13.7 million/$18.8 million).

The decision was approved at a UEFA Executive Committee meeting in the Moldovan capital Chişinău, where a new distribution model among the 16 qualified teams was also adopted.

This includes increased guaranteed minimum amounts for each team and performance-based bonuses in the group stage, with further details to follow in the coming days.

A total of €8 million (£6.8 million/$9.4 million) was available in prize money at the last edition of the competition in The Netherlands in 2017.

Clubs who release players for the tournament in England will also be rewarded for the first time, to the tune of €4.5 million (£3.9 million/$5.3 million), under a club benefits programme.

This is part of UEFA’s Women’s Football Strategy - TimeForAction programme, which football's European governing body says is aiming to ensure that more money is distributed across the women's game.

However, the prize money for Women's Euro 2022 is still dwarfed by that of this summer's men's Euro 2020, which stood at €371 million (£317.4 million/$205.4 million).

Wembley Stadium is set to host the final of the UEFA Women's European Championship ©Getty Images
Wembley Stadium is set to host the final of the UEFA Women's European Championship ©Getty Images

UEFA also announced a new solidarity payment model approved at its latest Executive Committee meeting, which is expected to see €175 million (£149.8 million/$435.4 million) made available to clubs not participating in its men's club competitions from 2021 to 2024.

This represents an increase on the €130m (£111.3 million/$152.6 million) available from 2018 to 2021, with €132.5 million (£113.5 million/$155.5 million) reserved for member associations outside the "Top Five" - England, Spain, Germany, Italy and France.

UEFA's Executive Committee will next meet in Montreux in Switzerland on December 16, coinciding with the draw for the 2022-2023 UEFA Nations League.

Women's Euro 2022 is due to be held in England from July 6 to 31, having been pushed back by a year following the delay to the men's Euro 2020.

Wembley Stadium, which holds 90,000 spectators, is to host the final, having also done so at this summer's men's tournament.

The Netherlands are the reigning champions having beaten Denmark on home soil in the 2017 final.