Wimbledon will distribute £10m of prize money to the 620 players who would have taken part in the 2020 Championships.
Singles players who would have been in the main draw will be given £25,000, with qualifiers, doubles and wheelchair players also each receiving money.
"We know these months of uncertainty have been very worrying," Wimbledon chief executive Richard Lewis said.
"Many players have faced financial difficulty during this period and who would have quite rightly anticipated the opportunity to earn prize money at Wimbledon based on their world ranking."
The All England Club had taken out insurance policies which allowed them to refund ticket holders, broadcast partners and sponsors in the event of a pandemic.