The operator of Costa Concordia has offered passengers 11,000 euros in compensation.
Survivors who suffered no physical harm can get a payout for lost baggage and psychological trauma after the cruise ship ran aground off Tuscany.
As many as 3,200 passengers may benefit after negotiations with industry groups.
Roberto Corbella, who represented Costa Cruises during the talks, said the discussions were very complex because they involved passengers of 61 different nationalities.
He described the agreement as “generous” and said the offer would simplify the settlement process.
Passengers can also claim the full cost of their cruise, and any travel and medical expenses.
Unsatisfied customers will have the right to pursue legal action.
It is estimated that the crash could cost the Concordia’s owners are much as 75 million euros.
Shares in Carnival, the parent company of Costa Cruises, have fallen by 16 percent since January 13th.