The alarm was raised just after 9am, when the Coast Guard’s Marine Rescue Co-Ordination Centre in Valentia, Co Kerry, received a call from Spanish counterparts in Madrid.
It is understood the two men were injured when a rope snapped on board the fishing vessel, called Novoalborada.
One of the men later died on board the vessel before he could be treated and brought to hospital.
A rescue operation was initiated, coordinated from Valentia, and involving the Coast Guard fixed-wing plane and two Coast Guard helicopters, 115 from Shannon and 118 from Waterford.
The injured crewmen was taken on board Rescue 118 and is being transferred to Cork University Hospital.
Conditions at sea are described as “very challenging” with swells of five to six metres. Both helicopters have had to re-fuel during the operation.
The trawler steamed closer to more sheltered waters off the Kerry coastline to take the second fisherman on board one of the helicopters.
Arrangements are now being made to transfer his body to the closest port, which will probably be Daingean Uí Chúis.
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