The first boat struck rocks near the Greek island of Farmakonisi, while the second overturned near Kalolimnos. Many of those killed were children.
Meanwhile German Chancellor Angela Merkel said human traffickers must not be allowed to profit from exploiting people desperate to reach Europe.
More than a million migrants arrived in Europe illegally last year.
More than 700 died in the Aegean crossing from Turkey to Greece. At least another 100 have died in the Aegean this year.
'Dreadful'
After a joint cabinet meeting in Berlin, the German and Turkish leaders reaffirmed their commitment to tackling the crisis.
Mrs Merkel pledged to ensure Turkey would receive more than €3bn (£2.1bn; $3.3bn) promised by the EU in return for strengthening its border controls.
"Today, once again, we heard of dreadful numbers of dead, including children, in the Aegean," the chancellor told a joint news conference.
"We cannot let that happen, and let illegal traffickers and people smugglers be in charge between Turkey and Greece, continuing to put people in danger and profiteering."
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