Boeing will provide immediate financial assistance to the families of the more than 300 victims of the Ethiopian Airways Flight 302 and Lion Air Flight 610, which crashed in separate incidents months apart that involved faulty software in the company's 737 MAX planes, the company announced Monday.
Beginning Monday, the Boeing Financial Assistance Fund has designated approximately $50 million to go toward the families of the 346 total victims who were passengers on flights that used the Boeing 737 MAX, according to a company press release.
The Ethiopian Airlines flight crashed in March, while the Lion Air tragedy occurred in October. The $50 million amounts to approximately $144,500 per victim. Another $50 million will go toward economic empowerment and education in affected communities.
"The recent 737 MAX tragedies weigh heavily on all of us at Boeing, and we continue to extend our deepest sympathies to the families and loved ones of all those on board,” Boeing CEO Dennis Muilenburg said in a prepared statement.
Boeing grounded all MAX aircraft worldwide in March after the company linked both fatal flights to faulty flight-control software, known as MCAS.