The company has also promised to pay medical and transport expenses, and refund the full cost of the cruise, the BBC reported.
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The agreement was announced this morning following negotiations between the company and Italian consumer groups.
According to the Associated Press, the offer applies to 3,206 people from 61 countries who did not suffer physical injuries when the Costa Concordia ran aground on Jan. 13. Those injured will be subject to a different settlement.
Passengers and crew have the option to pursue legal action if they are not satisfied with the offer. If they accept, however, they agree to drop all future legal action against Costa.
Codacons is preparing to file a class action suit in the US against Costa's American parent company, Carnival. It will demand at least $160,000 for every passenger on the ship. The group is encouraging passengers to undergo psychological examination to establish whether they sustained any mental trauma.
A crew member is also suing Carnival for negligence, Bloomberg reported. Gary Lobaton filed the complaint yesterday in Chicago, on behalf of all the victims. It alleges that those in charge of the cruise ship failed to inform passengers of the danger they were in, and that passengers were "abandoned" by the captain.
Costa Cruises had previously offered survivors a 30 percent discount on future cruises as part of their compensation for the disaster.
At least 16 people are confirmed dead, with another 16 still missing.
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