European Commission on Monday approved 2.4 billion euros ($2.6 billion) in funding for member states, such as Greece and Italy, in a move to help frontier members deal massive influx of migrants.
Italy, with around 560 million euros will receive the lion's share, while Greece will receive 473 million euros.
Dimitris Avramopoulos, top EU official for migration, home affairs and citizenship, said in a statement on Monday: "Member States nowadays face unprecedented challenges in the fields of migration and security and the Commission is taking action in a spirit of solidarity."
"Through the European Agendas on Migration and Security, the Commission is taking bold steps to improve migration management, foster cooperation and make Europe safer from organised crime and terrorism for our citizens," he added.
The announcement comes days after at least 25 died and 400 were rescued when a fishing boat capsized off the Libyan port of Zuwara on Wednesday last week.
At least 100,000 migrants have fled to Europe across the Mediterranean Sea this year so far, according to the United Nations.
