Passengers of the Costa Concordia are expected to receive a compensation lump sum of 11,000 euros ($14,400) each, the Italian Association of Tour Operators said in a statement Friday.
The decision was reached during a meeting between Costa Cruises and consumer groups, the association said.
The massive liner struck rocks and rolled over onto its side in shallow waters off an island on Italy's Tuscan coast on January 13, leading to a panicked overnight evacuation and a number of deaths.
A 16th body was found by divers searching the ship Tuesday. Sixteen others are missing from the roughly 4,200 people aboard the cruise liner - 3,200 passengers and 1,000 crew members - at the time of the collision.
The captain of the ill-fated cruise ship is under house arrest and faces possible charges of manslaughter, shipwreck and abandoning ship.