They're completely insane (unsurprisingly unfortunately), if anything it should be the other way around and the UEFA should set up a fund to help clubs which will almost go bankrupt because of this.
And if the UEFA needs to cut costs just cut the amount of money distributed to clubs participating in its European competitions (CL, EL and the Super Cup), that shit is over €2.5billion a year, I'm sure some cuts can be made there.
Champions League Group Stage starting fee: cut from €15.25mil to €12mil = €2.25mil savings per club, times 32 = €72mil
Qualification for the CL Round of 16: cut from €9.5mil to €9mil = €500k savings per club, times 16 = €8mil for a total of €80mil
Qualification for the CL Quarter-finals: cut from €10.5mil to €9.75mil = €750k savings per club, times 8 = €6mil for a total of €86mil
Qualification for the CL Semi-finals: cut from €12mil to €10.75mil = €1.25mil savings per club, times 4 = €5mil for a total of €91mil
Qualification for the CL Finals: cut from €15mil to €12mil = €3mil savings per clubs, times 2 = €6mil for a total of €97mil
Do that for 3 seasons and you have your money, and as a bonus you've shoved less money into the hands of the already rich clubs so the divide between them and the rest doesn't grow as fast. You're welcome fuckfaces.