The man seen in the video was the only confirmed survivor, with the coastguard reporting that of the 34 people on board the boat, 27 had died while six were missing.
As the coastguard lowers himself to save the refugee, the camera pans beneath the water showing how little of the boat remained above the sea.
The 34 people had been trying to reach the Greek island of Lesbos.
Overnight, another 23 refugees were rescued by Italian coastguards near the Greek island of Kos. The group of Pakistani refugees were saved after two packed dinghies were brought alongside the coastguard's boat.
The International Organization for Migration says that since the turn of the year, 75,063 migrants, including asylum seekers, are reported to have arrived in Europe, while 374 are known to have drowned or are currently missing.
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