The funding will allow the company to carry out the closure process easily as well as provides financial backing to the employees at the mine.
EC commissioner Margrethe Vestager in charge of competition policy said: "Uncompetitive coal mines cannot be kept in the market indefinitely on state support, but the commission and member states can find solutions to help coal miners through this difficult transition."
OKD has decided to close the mine after several attempts to restructure the operations were unsuccessful.
In September last year, the EC was notified by Czech authorities to assist OKD over costs associated with the closure.
The Czech plan is to offer one-off severance payments to the laid-off workers and special bonuses to those exposed to occupational health risks during activities at the mine.
The plan is part of EU state aid regulations, which are drafted to allow member states fund certain exceptional costs to alleviate the social and environmental impact in case of closing uncompetitive coal mines.
