Under the fund, people who suffer serious side effects could receive up to HK$3 million, while family members could get up to HK$2.5 million in fatal cases.
Health Secretary Sophia Chan told lawmakers that the authorities will come up with a standard to determine how much compensation would be given for each case, with an appeal mechanism to be established.
She stressed the fund is aimed at providing financial help to those affected as early as possible, adding that victims can still take action against the manufacturer of the vaccine, or other parties deemed accountable.
“We hope no one would need to use the fund,” she said.
Twenty lawmakers supported the funding proposal, with Civic Passion’s Cheng Chung-tai alone in opposing it.
Hong Kong officially kicked off its citywide vaccination programme on Friday, with authorities aiming to have hundreds of thousands of people inoculated within the next month or so.
A further 200,000 slots will open for booking on Monday, after all seventy thousand appointments were taken this week.