Bulgaria will pay BGN 40,000 to each of the families of the two sailors lost at sea in the past week.
This equals seven years worth of wages, the head of the sailors' union Krassimir Valchev told Darik News.
Valchev explained that the union had settled on the cash with the Navigation Maritime Bulgare.
He added that the chances of survival of the two men were menial.
Ventsislav Ivanov, second mate of Bulgarian ship Milin Kamak, was declared missing on Sunday. The search for him was discontinued Monday, after experts calculated that he couldn't have survived that long in the ice-cold waters of the Black Sea near Ukraine.
Hristo Hristov, a mechanic on the ship "Vitosha" was found missing around noon on Monday, while his ship was in the Baltic Sea. The search for him was also called off, for the same reasons.
Both sailors are married and have children.