Boeing 737 MAX

Boeing officials announced Wednesday the company had dedicated $50 million of a previously announced $100 million fund to the families of victims killed in two crashes involving 737 MAX airplanes.

The near-term financial assistance will benefit those impacted by the Lion Air Flight 610 and Ethiopian Flight 302 accidents, and the fund will be established with victims’ compensation funds experts Kenneth Feinberg and Camille Biros.

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“The tragic loss of life in both accidents continues to weigh heavily on all of us at Boeing, and we have the utmost sympathy for the loved ones of those on board,” Boeing chairman CEO Dennis Muilenburg said in a statement. “Through our partnership with Feinberg and Biros, we hope affected families receive needed assistance as quickly and efficiently as possible.”

The $50 million dedication to address family and community needs will be distributed by Feinberg and Biros and is independent of any resolution provided through the legal process.

“We know how important it is to assist the families of the victims who have endured a personal tragedy and will work to design and administer the fund and distribute the money as efficiently and expeditiously as possible,” Biros said.

The news comes just days after American Airlines extended its cancellations of flights scheduled to operate on a 737 MAX aircraft through November 2. As carriers continue to extend the canceled flights, travelers are growing concerned about the winter holiday travel period.