British clubs playing in the Champions League and Europa League from next season will receive a share of a 2.24bn euro (£1.67bn) prize pot.
Uefa is to increase funding by nearly a third from 1.66bn euro (£1.2bn).
The deal will also see money being distributed more evenly, with Europa League participants getting increased revenue in the qualifying rounds.
Uefa president Michel Platini said: "Uefa should work with associations and clubs to find the best solutions."
|European money boost breakdown|
|32 Champions League group-stage clubs share £872m (up from £696m) from next term, equating to a guaranteed £8.7m entry payment (up from £6.3m)|
|48 Europa League group-stage clubs share £277m (up from £167m) from next term, equating to a guaranteed £1.7m (up from £945,000)|
Uefa has also agreed to give European Club Association members at least 200m euro (£145m) from Euro 2020 revenues for releasing their players.
This is an increase of 50m euro (£36m) from Euro 2016 for ECA members, which includes the Premier League's biggest clubs as well as sides from Wales, Scotland and Northern Ireland.
The new deal for the European club competitions, which will run until 2018, will also involve two ECA representatives from its 214 member clubs across Europe sitting on the Uefa executive committee.
ECA chairman Karl-Heinz Rummenigge added: "ECA is still a very young organisation and these achievements are an extraordinary success, which will strengthen the solidarity among the clubs and our sense of responsibility for football."