The decision was made on Wednesday afternoon. Swiss Health Minister Alain Berset made the announcement, saying the vaccine would be made available to the entire Swiss population.
The money allocated goes towards the purchase of the vaccine doses and does not include the costs associated with the vaccination process.
Swiss media site 20 Minutes reports that the vaccine is estimated to cost 40 francs per person. Each person requires two doses, with each needle costing 20 francs.
According to Stefan Kuster, Head of the Communicable Diseases Section at the Federal Office of Public Health, was unable to put a concrete timeline on when the vaccine would be available, but did tell a media conference on Tuesday that people in risk groups and those around them would be first in line to be vaccinated.
Health workers are also expected to have early access to the vaccine.