Coastguards exploited a brief lull in the weather to rescue the migrants, including some 20 children exhausted after a night on the stormy seas around 70 nautical miles southeast of Crotone.
The refugees were transferred onto two launches.
Four merchant ships, the coastguard and an Italian frigate had been keeping watch over the fishing boat since yesterday, but getting too close had been considered dangerous because of the size of the waves.
The Beaufort wind force scale in the area was 8 out of 12, which can create waves up to 7.5 metres high.
Hundreds of migrants drowned in two shipwreck tragedies in October near the Italian island of Lampedusa after the heavily overcrowded vessels capsized.
