Revenue from the first 24-team Euro, hosted in 2016 by France, was nearly 2 billion euros (NZ$3.5 billion).
This is Turkey's fourth defeat in the past five Euro bidding races.
Germany will host the 2024 European Championship, UEFA announced in Nyon on Thursday.
Euro 2024 is to mark the return of the European Championship to a single-host format, after the pan-European tournament in 2020, which is meant as a celebration of its 60th anniversary.
In an ominous sign for Turkey ahead of the vote, UEFA's evaluation report noted that "the lack of action plan in the area of human rights is a matter of concern".
'Such a tournament can really motivate younger players as well'.
'I feel great anticipation and am mightily relieved, ' said Germany's 2014 World Cup-winning captain Philipp Lahm.
"No to Racism" - a campaign launched by UEFA to eliminate racism, discrimination and intolerance from football - may shatter the hopes for Germany's EURO 2024 hosting bid.
'We've done a lot of preparation, and we want to share this and get everyone involved'.
UEFA relies on its signature national-team competition to help fund 55 member federations.
The nine other cities that will be used for games are Cologne, Dortmund, Dusseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig, Munich and Stuttgart. According to Turkey's program for Euro 2024, the final match will be played at Atatürk Olimpiyat Stadium in Istanbul.
Al Jazeera's Lee Wellings, speaking from London, said the Germans were the favourites to win going into the vote and the result came as "no surprise".
"Every democratic decision is the right decision, " said UEFA president Aleksander Ceferin, who has been closely allied with German football federation president Reinhard Grindel as European colleagues on the Fifa Council.
'I can only say I'm looking forward to going to the tournament in 2024'.