The European Commission said the meeting would involve foreign and interior ministers from the 28-member bloc, but gave no date.
"The reality is stark and our actions must therefore be bold. These are human lives at stake, and the European Union as a whole has a moral and humanitarian obligation to act," it said in a statement.
The commission said it is consulting with member states, European agencies and international organizations to prepare a new European migration strategy, which it would adopt in mid-May.
"What we need is immediate actions to prevent further loss of life as well as a comprehensive approach to managing migration better in all its aspects."
EU foreign policy chief Federica Mogherini described the wave of migrant boat sinkings in the Mediterranean as "unacceptable".
READ ALSO: 700 feared dead in Mediterranean migrant boat shipwreck
"We have said too many times 'never again'. Now is time for the European Union as such to tackle these tragedies without delay," she said in a statement.
Mogherini said the crisis would be discussed Monday at a meeting of EU foreign ministers in Luxembourg, where she would present a set of proposals to Libya, one of the main trafficking routes.
This video grab released by the Italian coast guard, on April 19, 2015, show rescuers taking part in an operation off the coast of Sicily following a shipwreck last night. (Via AFP)
"We need to save human lives all together, as all together we need to protect our borders and to fight the trafficking of human beings," she said, urging that the task be shared and not "left only to the southern countries".
Illegal immigration, mostly from Africa, has rapidly expanded with ruthless people smugglers based in chaotic Libya taking overcrowded, unseaworthy boats north, mostly to Italy and Greece.
Southern EU countries have complained that they are bearing too much of the brunt of the rescue work and processing of migrants.
The latest shipwreck took place between Libya and Malta and, if the toll is confirmed, would be easily the biggest such disaster to date.
READ ALSO: Italy searches for 700 migrants lost at sea north of Libya
The commission said more responsibility should be taken by countries used as departure points.
"For as long as there is war and hardship in our neighbourhood near and far, people will continue to seek a safe haven on European shores," it said.
"And as long as countries of origin and transit do not take action to prevent these desperate trips, people will continue to put their lives at risk."
An officer looks at a monitor showing the ships navigating the area where the boat capsized in the waters north of Libya, in the operation room of the coast guard during the coordination of rescue efforts, in Rome, on April 19, 2015. (AP photo)
French President Francois Hollande called earlier Sunday for such a meeting, saying Europe "must act" against the growing catalogue of mass drownings of migrants attempting to reach its shores, and calling for closer surveillance of the routes used by people smugglers.
Pope urges world to act
Meanwhile in Vatican City, Pope Francis on Sunday urged world leaders to respond "decisively" after the deadliest migrant shipwreck yet in the Mediterranean.
READ ALSO: About 400 migrants feared dead in shipwreck off Libya
"These are men and women like us, brothers seeking a better life," the leader of the world's Roman Catholics said in his weekly address, urging leaders to "act decisively and quickly to stop these tragedies from recurring."
Urging the faithful in St Peter's square to pray for the victims, the pope added: "(They are) hungry, persecuted, injured, exploited, victims of war. They are seeking a better life, they are seeking happiness."
Pope Francis leads the Angelus prayer from the window of the Apostolic Palace in Saint Peter's Square at the Vatican, on April 19, 2015, where appealed to the world to take swift and decisive action to avoid more tragedies. (Reuters photo)
Francis has repeatedly highlighted the plight of migrants seeking to reach Europe clandestinely at the risk of their lives, famously railing against the "globalization of indifference" following shipwreck tragedies off the Italian island of Lampedusa in October 2013.
On Saturday he issued a fresh appeal to world leaders to act over this year's surge in the numbers attempting perilous sea crossings from North Africa.
"It is evident that the proportions of the phenomenon demand much greater involvement," he said then. "We must not tire in our attempts to solicit a more extensive response at the European and international level."
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