The fund was established in cooperation with the National Gymnastics Foundation (NGF), with an independent third party set to administer the process of applying for funding support.

This will facilitate the provision of counselling services and provide confidentiality of applicants.

It comes after the scandal enveloping the sport involving disgraced former USA Gymnastics doctor Larry Nassar.

A five-person Designated Fund Committee, which will be chaired by Tina Ferriola, a former competitive gymnast and chief executive of NYC Elite Gymnastics, has been established to oversee the fund.

Along with Ferriola, the Committee will contain a member of the NGF Board, a gymnastics athlete, an at-large member and two independent individuals, one of whom will be an expert on counselling services for abuse survivors.

An NGF statement read: "The National Gymnastics Foundation is hopeful that the newly established athlete assistance fund will provide much-needed support for our incredible athletes who have had these devastating experiences.

"This will help them get through some of the most difficult days of their lives.

"Our athletes are some of the most impressive young people in all the world and we respect and admire them greatly.

"To the absolute best of our ability, the entire gymnastics community is there for them."

Kelly Perry, the new President and chief executive of USA Gymnastics, added: "While we can never fully understand how profoundly abusers impact the lives of their survivors, we want to provide financial support to make sure our gymnasts have access to the counselling and mental health services they need.

"We appreciate the NGF working with us in this effort.

"The powerful voices of the young women who have shared their experiences with sexual abuse have left an indelible imprint on me and will impact my decisions as President and chief executive every day."

The entire USA Gymnastics Board was forced to resign following the sexual abuse scandal, which saw Nassar sentenced to 300 years in prison after sexually abusing over 265 women, including a number of Olympic athletes.

International Gymnastics Federation (FIG) President Morinari Watanabe has also today released a statement describing how the organisation will combat abuse in the sport.

"I want to show the gymnasts that their courage to speak out against unacceptable behaviour has been and will continue to be rewarded," he said.

"To this end, the FIG's action will be built on three pillars.

"The first pillar is to establish a safeguarding commission within the FIG to provide educational material for our national member federations.

"The International Olympic Committee (IOC) has assisted us in this respect with its excellent toolkit on safeguarding athletes from harassment and abuse in sport.

"The second pillar is the involvement of our Athletes' Commission whom we will look to learn the athletes' opinions and expectations with regards to the FIG's operations.

"The third pillar is to establish an independent body to which any abuse case can be reported.

"This will include a helpdesk and the provision of legal support.

"We are aiming to announce this independent body once the FIG authorities have approved the governance structure.

"However, the most important thing for me is how our athletes feel.

"For this reason, I will remain available to listen to the US gymnasts who have asked for change.

"I would like not only to praise their courage but to listen to their ideas on measures that might be taken to foster a culture of mutual respect within the sport.

"It is together with the athletes that the International Gymnastics Federation can succeed in the fight against abuse and harassment.

"It is also with the collaboration and the support of the Olympic Movement.

"As FIG President, the athletes' welfare and safety will always be my priority and will guide my actions.

"I will never stop this fight."