European and Turkish leaders have been meeting in Brussels, the EU hoping that cash and closer ties will entice Turkey to help stem the flow of migrants into Europe.
European Union leaders launched into talks with Turkey saying the migration crisis, border security and regional stability needed to be agreed to and settled jointly with Turkey.
At the start of the summit, European Council President Donald Tusk said approximately 1.5 million people had illegally entered the EU in 2015, most having come through Turkey.
He added the EU is facing pressing issues as a result and needs Turkey by its side.
"Some seek shelter from war and persecution. Others seek a better life and a few seek to destroy our values. But this is not about the EU outsourcing its security and migration policy to Turkey. Nor is it about adding a burden on Turkey, a country that has demonstrated its solidarity to more than two million refugees and is itself experiencing the strains from dealing with the situation but it is about addressing these challenges together."
German Chancellor Angela Merkel has confirmed the EU package is worth almost AU $5 billion to help refugees in Turkey in return for Turkish help in stemming migrant flows.
Ms Merkel also confirmed that the EU would speed up visa-free travel for Turks if existing conditions are met.
Aware of a sense of desperation in Europe for a solution to a crisis that has called into question the future of its passport-free travel zone, Turkey has reportedly driven a hard bargain.
Turkish Prime Minister Ahmet Davutoglu told EU leaders Turkey is an important bridge between the EU and the Middle East.
"One message from Ankara, clear message: we are a European nation. The destiny of our continent belongs to us, to all of you, and for the future of European continent Turkey is ready to do everything possible, not just to respond to refugee crisis, but also to respond all the crisis or issues regarding the future of our continent. We want to be a member of the European family."
Measures taken by the EU in recent months have done little to control migrant movements.
While winter weather may lower the numbers for a few months, it is also worsening the plight of tens of thousands stuck by closed borders in the Balkans.
French President Francois Hollande says the agreement between Europe and Turkey is an important step forward.
"There must be an agreement which allows for us to commit to an action plan between Europe and Turkey so that refugees can be welcomed in Turkey at the closest point to their countries of origin. And also so that Europe can help Turkey and so that Turkey can also undertake a certain number of commitments so that the borders can be controlled further. So it's in everyone's interest, the refugees' interest, who must remain closer to their origin countries, Turkey's interest who will receive support from Europe, Europe's interest so as to not welcome refugees in greater numbers than today."
