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 medalists receiving $50,000 (£39,400).

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

World Athletics president Lord Coe called the decision a “pivotal moment”.He told BBC Sport the organization wanted to create a “stable financial landscape” for athletes.

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

The prize money will not apply at the Paralympics, which takes place from 28 August to 8 September, as Para-athletics is governed by World Para Athletics.

“The introduction of prize money for Olympic gold medalists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognizing 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.”

Greg Rutherford, who won gold in the long jump at London 2012, said: “This is a brilliant step in the right direction and I take my hat off to Seb Coe and the rest of the World Athletics staff for initiating this improvement.”

The former British athlete said the view that Olympic sports are still amateur “couldn’t be further from the truth”.

Asked if prize money went against the Olympic spirit, Coe replied: “I don’t see that making life a little easier for the athletes, allowing them maybe to stay on in the sport a little bit longer, to give them the financial independence to train, and maybe in a more sophisticated way is anything other than sitting behind good firm Olympic principles.”

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 (IF) and national Olympic committees (NOC).

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

The IOC said: “It is up to each IF and NOC to determine how to best serve their athletes and the global development of their sport.”