The Euro 2016 cash prizes will be worth €15.5 million (around £13.6m) and the final winner will receive €15,000,000 (around €13,500,000).
The winners will also receive a commemorative Euro 2016 medal.
The European Football Championship, which begins in May, is the only cash prize of the event.
There are six cash prizes in total.
The final two are worth €1 million each, while the rest are worth a total of €5 million.
The money will be awarded for the best team in the Euro 2016 group stage, as well as for the individual player in the team that was beaten.
The cash prizes were announced by the tournament organisers in a press conference on Thursday morning.
The winners of the €15 million prize will be announced on Friday morning.
They will also be handed €2 million cash and a commemorating medal, which is similar to the medal of the winners of Euro 2016.
Euro 2016 is the most popular football competition in Europe and the tournament is set to attract more than 1.4 million fans in 20 stadiums across 27 European countries.
The group stage of the competition will be played out in 20 venues, including two in London.
The prize money will also go towards the support of the Eurovision Song Contest, which has raised more than €1 billion.
The event is set for July 9 to 10 in Berlin.