In June 2019, it was announced that the City of Cologne's pop music prize, which will be offered for the first time this year and endowed with 15,000 euros, is to be named after Czukay. According to the council bill, this is intended to honour Czukay's legacy; the name is intended to place future prize winners "in a connection with the extraordinary work of this artist" and at the same time help to raise the prize's profile beyond the region. The prize will be awarded to individuals, bands or institutions that have rendered outstanding services to the city's pop music scene.
The first prize winners were announced on 11 September 2019, and the prizes were awarded on 31 October: The main prize of 15,000 euros was awarded to musician and artist Wolfgang Voigt, the honorary prize to CAN founding member Irmin Schmidt.
For 2020, the jury awarded the main prize to the artist duo Mouse on Mars: "Mouse on Mars are among the few experimental German pop artists who are noticed internationally (...), but regularly return to Cologne." The honorary prize will be awarded to the electro-disco formation Gina X Performance (en) for their life's work. The award ceremony will again take place on 31 October.