The two accidents killed a total of 346 people, and both involved Boeing's 737 MAX airplane. That plane has since been grounded worldwide.
Boeing said it's making the money available to support education, hardship and living expenses for all the impacted families. The money will also be directed toward community programs and economic development.
The company's CEO said, "We know every person who steps aboard 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."
As for the impacted planes, Boeing is still working on all the necessary software fixes. Once that's complete, the FAA will need to certify the changes before the 737 MAX can get back in the air.