World Athletics has announced it will become the first international federation to award prize money at the Olympic Games.

The global governing body said a total prize pot of $2.4m (£1.9m) has been made available for this summer's Olympics in Paris, with gold medallists receiving $50,000 (£39,400).

This will be extended to silver and bronze medallists at Los Angeles 2028.

World Athletics president Lord Coe called the decision a "pivotal moment".

There will be 48 athletics events in Paris, with relay gold medallists to share their prize money among the team.

"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games," Coe said.

"While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is."

World Athletics said the format and structure of prize money for the 2028 Games will be announced nearer the time.

It added that the payment of prize money will depend on athletes "undergoing and clearing the usual anti-doping procedures".

Given the Olympics' origins as an amateur sports event, the International Olympic Committee (IOC) does not award prize money but distributes funding through international federations and national Olympic committees.

Some national Olympic committees offer financial rewards to their medallists, though the British Olympic Association does not.

The IOC is yet to comment on the World Athletics announcement.