An Irish-registered trawler sank this afternoon about 25km from Carnsore Point, Co Wexford.
The boat has been named as The Renegade.
A rescue helicopter arrived at the scene this evening and winched the two crewmen to safety.
One of the men has been taken to Waterford Regional Hospital suffering from shock. But neither is seriously injured.
Further south, diving operations were suspended this evening off the Wexford coast at the location of the sunken trawler, Pere Charles, which lies 35m below the surface off Hook Head.
This afternoon, naval divers reached the wreckage of the sunken trawler but were unable to get into the vessel.
While weather conditions remain difficult, the divers hope to resume their recovery efforts in the next couple of days.
The Dunmore East trawler is lying on its starboard or right side and is rocking somewhat on the seabed.
Fishing nets were hampering the dive operation and visibility is only 1.5ft.
Strong tides meant the dive was temporarily suspended at around 11.30am today, and resumed later.
Meanwhile, a friend of the skipper of the Honeydew II which sank last week, has said nearly a full day's search time was lost because the Naval Service did not raise the alarm directly after the boat went missing.
John Walshe, who is involved in the search off Mine Head, told RTÉ News that 20 hours went by because the navy base in Haulbowline in Co Cork did not notice there was no satellite signal from the Honeydew II every four hours.
Mr Walshe said this meant that a daylight search was not conducted on Thursday when fresher debris and oil may have been visible.
A naval spokesperson said this morning that the VMS satellite system, which is checked every four hours, was a control rather than a safety measure.
He added that the circumstances surrounding the sinking of the trawlers were subject to investigation by the Marine Casualty Investigation Board and it would be inappropriate for the Defence Forces to comment in detail on any particular matter.
