The European Union says it is prepared to provide coordinated emergency aid to the victims of a massive earthquake in Chile that has claimed at least 78 lives.

EU Humanitarian Aid Commissioner Kristalina Georgieva said she had activated the group's crisis monitoring unit and told its aid experts "to undertake urgent needs assessments if required."

"The commission stands ready to provide immediate assistance and coordinate European efforts should that be required," Georgieva said, as she expressed condolences to the victims' families.

Bachelet has declared a "state of catastrophe"

The earthquake's death toll was steadily rising as Chilean President Michelle Bachelet declared a "state of catastrophe."

"With the quake of this magnitude, we cannot rule out other casualties," Bachelet said.

The quake reportedly knocked down several buildings across Chile and triggered tsunami alerts in dozens of countries in the Pacific Ocean.