Cyprus will receive aid totalling €3.5 million from an EU fund set up to help the most deprived areas for the period 2014-2020. Greece will receive €249.3m.
The fund channels money to schemes ran by member states to provide food to the most deprived, as well as clothing and other essential goods to the homeless.
More than 13,000 Cypriot families are said to be reliant on charity food parcels.
The European Commission proposal has already been approved by the European Parliament and the EU Council of Ministers.
The Commission foresaw a budget of €2.5 billion for the fund over the period 2014-2020 as part of its June 2011 proposal for a Multi-annual Financial Framework.
Member states must cover 15% of the costs of their national programmes, with the remaining 85% coming from the fund.
There are 25.4 million children at risk of poverty or social exclusion in the EU.
Overall, children are at greater risk of poverty or social exclusion than the rest of the population (27% against 23% for the total population).
The fund has also allocated €595m to Italy, €499.9m to Spain, €493m to France, €93m to Bulgaria, €83.3m to Hungary, €70m to Germany, €68m to Lithuania, €36m to Latvia, €32.5m to Croatia, €20.7m to the Czech Republic, €20.2m to Ireland, €7.1m to Estonia and €3.5m each to Denmark, Luxembourg and Malta.