The aircraft manufacturer said the money would support “education, hardship and living expenses” for impacted families and “community programmes and economic development” in those areas affected.

Nearly 350 people died in two fatal crashes involving Boeing 737 Max aircraft in just five months.

Last October, Lion Air flight 610 came down in the Java Sea shortly after taking off from Indonesian capital Jakarta, killing all 189 people onboard.

Five months later, Ethiopian Airlines flight 302 crashed en route to Nairobi. All 157 people onboard died.

Preliminary investigations into both crashes suggest the same deep-seated control system was active when the aircraft came down.

Boeing is working on a software fix, additional safety systems and new pilot training, but these are yet to be submitted for the US Federal Aviation Administration for approval.

The aircraft was grounded worldwide following the Ethiopian Airlines crash, and it not now expected to resume commercial flight operations until September at the earliest.

Boeing said it would partner with local governments and non-profit organisations to address the needs of those affected by the crashes, adding the investment would be made over multiple years.

"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,” said Dennis Muilenburg, president and chief executive of Boeing.

“The families and loved ones of those onboard have our deepest sympathies, and we hope this initial outreach can help bring them comfort.

“We know every person who steps onboard one of our airplanes places their trust in us. We are focused on re-earning that trust and confidence from our customers and the flying public in the months ahead.”

Boeing employees will also be invited to make donations in support of affected families and communities, which will be match by Boeing through 31 December.