The money will be stretched over several years for the families of the 346 people killed altogether and it is independent of lawsuits filed in the wake of the disasters.
The Boeing payment will support education and living expenses for families and community programmes, Boeing said.
Lawyers for victims’ families dismissed the move.
The two crashes involved are the Ethiopian Airlines’ flight ET302 in March and that which occure five months earlier when a near identical aircraft, owned by the Indonesian carrier Lion Air, went down in the sea off Jakarta in October 2018.
Boeing said in a statement on Wednesday that the “funds will support education, hardship and living expenses for impacted families, community programs, and economic development in impacted communities. Boeing will partner with local governments and non-profit organizations to address these needs. This initial investment will be made over multiple years.”
Dennis Muilenburg, the chairman and chief executive, added: “We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come.
“The families and loved ones of those on board have our deepest sympathies, and we hope this initial outreach can help bring them comfort,” he said.