The 10-stadium bid, formally submitted to UEFA on Wednesday by the five football associations, was described in a joint statement as 'low risk, high reward'.
"Our pioneering five-way partnership will deliver a record-breaking and unforgettable UEFA Euro," a statement from the Irish, English, Scottish and Welsh Football Associations and the Football Association of Ireland said.
"Together we want Euro 2028 to be catalyst for a new and sustainable era for football, from the grassroots to the very top of the game."
The joint-bidders say a record three million tickets would be available with an average stadium capacity of 58,000 with 80% of ticket holders being able to arrive by public transport.
The five associations dropped plans to bid for the 2030 World Cup to focus on the Euros following a feasibility study that analysed the economic impact and estimated costs of hosting major international tournaments.
A successful bid for the Euros would generate cumulative socio-economic benefits of up to 2.6 billion pounds for the host nations, according to the bid.
The bid has full support from the respective governments, who said in a joint statement: "It will be the biggest sporting event our islands have ever jointly staged - a passionate and unforgettable celebration, with long-term benefits for our cities and communities as well as all European football."
Europe's soccer governing body UEFA has said that automatic qualification as hosts will not be guaranteed if more than two countries submit a joint bid.
The proposed stadiums for the British and Ireland bid were revealed last month including Wembley, the London Stadium, Villa Park and the yet-to-be-built Everton Stadium.
Dublin's Aviva Stadium and Croke Park as well as Belfast's Windsor Park would stage games along with Hampden Park in Glasgow and the Principality Stadium in Cardiff.
Turkey also submitted its bid for 2028 and 2032 on Wednesday, it's sixth successive attempt to host the Euros.
UEFA will make its decision in September.
Italy had intended to bid but will now focus on a bid to stage the 2032 Euros while Russia's proposed bid was ruled out after the country's invasion of Ukraine last year.
Germany will host the 2024 tournament.
