TAIPEI - The bodies of 48 victims of Taiwan's crashed TransAsia flight GE 222 have all been identified, according to the the island's aviation safety council on Sunday.

TransAsia will pay funeral subsidy worth 800,000 new Taiwan dollars (26,640 U.S. dollars) to each family of victims, and 27 families have been compensated.

An announcement by Taiwan's civil aeronautics authority said that the accident may have been caused by compound reasons including weather condition, machinery fault and human factor.

The civil aeronautics authority and TransAsia will provide all gathered information to the aviation safety council to help the investigation, the announcement said.

The flight, which took off from Kaohsiung on Wednesday evening, crashed into residential buildings in Xixi Village of Penghu, Taiwan's western island, after a failed emergency landing at Magong Airport.

The flight was carrying 54 passengers and four crew members.