England will stage the most lucrative Women's European Championship yet after UEFA announced it was doubling prize money for the Euro 2022 tournament.

European football's governing body said next year's showpiece event would see the 16 teams benefit from a €16million ($18.8m) pot, up from the €8million ($9.4m) that was on offer at Euro 2017, the event's last edition.

UEFA said its executive committee approved the "substantial increase" at a meeting in Chisinau, Moldova.

"The financial distribution will include increased guaranteed amounts and performance-based bonuses for the group stage," UEFA said in a statement on Thursday.

It added that European clubs whose players were involved in the tournament would also be financially compensated for the release of their stars, with €4.5million ($5.3m) being set aside for that purpose.

UEFA stated: "The increases in financial distributions and introduction of a club benefits program are key strategic initiatives of UEFA’s women's football strategy, TimeForAction, ensuring that more money than ever before is distributed across the women’s game."

Hosts Netherlands won the Euro 2017 title, beating Denmark in the final in Enschede.

UEFA's move comes at a time when FIFA is proposing introducing a Women's World Cup every two years, a concept that England's new head coach Sarina Wiegman this week described as "not very good for the players, for their welfare".

The men's Euro 2020 tournament offered a prize fund of around €330million ($387.6m), reports said. Despite UEFA ramping up investment, there remains a wide disparity between financial rewards at the men's and women's elite levels.

FIFA president Gianni Infantino promised in 2019 that the next Women's World Cup, in 2023, would see prize money at least double to $60million. The men will play for $440million at next year's World Cup in Qatar.