UEFA has increased the total prize money for the Europa League by 65%.
Europe's elite competition, the Champions League, will also see an increase, but it will not be as steep as UEFA looks to lessen the disparity between the two tournaments.
Currently, clubs in the Champions League earn an average of four-and-a-half times as much as those playing in the Europa League, but in the future UEFA will fix the ratio at 3.3 to one.
Clubs who fail to qualify for the group stages of either competition will also see their solidarity payments rise significantly.
PA quotes UEFA general secretary Gianni Infantino as saying: "UEFA is really pleased that the new distribution system not only provides for a substantial rise in monies received by clubs participating in the UEFA Champions League and UEFA Europa League, but also strengthens UEFA's solidarity principle, namely ensuring an even more substantial increase in solidarity payments to clubs.
"In this way, the new system provides a better deal for everyone, especially those clubs which did not qualify to the group stage of either of the two UEFA club competitions."
The prize money for the winner of the Champions League final will rise from €10.5m (£7.6m) to €15m (£10.9m).
