UEFA will pay Italy €10 million for winning the Euro 2020 ahead of England.
The European top football governing body will also pay England €7 million for losing the Euro 2020 final to Italy, according to The Quint.
Italy defeated England 3-2 on penalties in the Euro 2020 final on Sunday night at Wembley Stadium.
Luke Shaw gave England an early lead in the first half, but Italy was able to force extra time and penalties after Leonardo Bonucci equalised in the second half.
Marcus Rashford, Jadon Sancho, Bukayo Saka all missed their spot-kicks against Italy.
Meanwhile, the total prize money between the 24 participating nations at Euro 2020 was a staggering €371 million.
All participating countries received €9.25 million for qualifying for the group stages of the tournament.
Making it through to the last-16 fetched another €2 million, while a quarter-final appearance got €3.25 million.
A semi-final place earned teams an additional €5 million.