Rescuers said so far there were some 80 survivors.
Quoting unidentified port authorities near the coastal town of Crotone, in Calabria, the toe of the Italian peninsula, RAI said the boat was carrying 120 migrants when it ran into trouble at dawn in the Ionian sea.
By mid-morning, about 40 survivors had been found, said Luca Cari, a spokesman for firefighters who were involved in rescue efforts.
State TV said some 27 of the survivors made it to shore, apparently on their own.
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