The Syrian transport ministry has quoted survivors as saying the boat left from Lebanon's northern Minyeh region on Tuesday with between 120 and 150 people onboard, bound for Europe.

There were reported to be around 45 children on the boat, none of whom had survived, Lebanese transport minister Ali Hamiye said Friday.

Hamiye said the boat was "very small" and made of wood, describing such sailings as an almost daily occurrence organized by people who did not care for safety.

The spate of such voyages has been fueled by Lebanon's financial collapse in the last three years - one of the worst ever recorded globally. Poverty rates have sky-rocketed among the population of some 6.5 million.