The funding will form of a package of emergency measures to support fishing firms hardest hit by the current fuel crisis.
The news comes amid fuel price protests in southern Europe.
However, the fishing industry has suggested similar cries for help from their sector have previously fallen on deaf ears in Brussels.
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"High fuel prices and chronic overcapacity mean that European fisheries are in a time of crisis," said EU Fisheries Commissioner Joe Borg.
"The commission recognises the need to help the sector adjust to the new realities," he added.
According to the commission fuel prices for fishing boats have soared 240% since 2002, which has put severe pressure on an industry already suffering from other negative external factors.
Mr Borg said: "The action the commission is proposing rests on three main principles: that we must focus aid on reducing overcapacity, on reducing fuel dependency, and on market measures which can help fishermen raise the first-sale value of their fish."
"Only in this way can we help establish a truly sustainable future for the industry," he added.
Aid proposals will be now be put before EU fisheries ministers, who will discuss them later this month.
(PR/JM)
