Football clubs across Europe have lost an estimated €7 billion (AUD$11.1 billion) over the 2019/20 and 2020/21 seasons due to the COVID-19 pandemic, according to a new report from UEFA.

European football clubs are reported to have missed out on €4.4 billion (AUD$7 billion) in revenue during the 2020/21 financial year alone due to COVID-19 restrictions.

The annual report cited the loss of matchday income as a major cause of the lost revenue for major clubs, with gate receipts revenue down 88%, with empty stands contributing to only 2% of club revenue compared to 16% pre-pandemic.

UEFA president, Aleksander Čeferin, said: “One lesson of the past two years has been that it is only by showing solidarity and working together that European football can overcome existential challenges such as the pandemic.”

“That was also a lesson drawn from the so-called Super League project.

“The self-interested actions of a misguided few were thwarted by the unity of European football – fans, clubs, players, and national associations.

“This report provides sobering details of the post-pandemic challenges that await us, but it also illustrates the remarkable robustness and resilience of European football, with its unified approach.

“Ultimately, the pandemic will only make us stronger.

“The COVID crisis has also highlighted to what extent football is part of the fabric of European life.

“Football was a true lifeline for many.

“I will make no bold predictions for the year ahead, except to say that, whether the pandemic stays or goes, European football will remain strong, stable, and united in 2022,” Čeferin said.

Despite the lost revenue, UEFA highlighted broadcast revenue continued to be strong, with a predicted growth of broadcast revenue over the next couple of years.

The prize money for the Champions League, Europa League and European Conference League will also increase to over $3 billion a year, with the cost shared amongst the 96 clubs who participate in the competitions.