Lausanne, Switzerland (My Sportsbook) - The International Olympic Committee has decided to give $1 million in financial support to help relief and recovery efforts following a devastating earthquake in China.

This summer's Olympic Games will be held in Beijing, which was not seriously affected by Monday's quake. The 7.9-magnitude earthquake hit central China, some 900 miles from the Chinese capital.

"I feel deeply for those affected and join in solidarity with the people of China," said IOC President Jacques Rogge in making the announcement. "This appears to be a major disaster, the scale of which is only just becoming apparent. We send our deepest felt condolences to the victims and their families."

The Beijing Organizing Committee has also decided to set up donation boxes along the torch relay route to aid the earthquake recovery.