We analyze the effect of scale invariant spatial correlations in a mic
ro-crack array on the elastic properties of a solid, in the dilute lim
it where the distance between defects is larger than the size of indiv
idual cracks. When they form a fractal set, both the long-range spatia
l correlations and the mutual long-range elastic interactions are to b
e taken into account. A real-space renormalization scheme is developed
to address this problem, based on an influence function which is buil
t on an ultrametric distance. We show that the collective behavior of
the micro-crack set induces a far-field stress perturbation which is s
imply proportional to the number of cracks, for all fractal dimensions
, but the proportionality constant differs from the individual crack c
haracteristics by the effect of elastic interactions. The infinite siz
e behavior of deterministic hierarchical fractal sets is computed anal
ytically, as well as the generalisation to random fractal sets. The le
ading finite size effect correction is shown to be a power-law of the
system size, and the prefactor is computed analytically. A formal exte
nsion to continuous dilation symmetry is introduced and the previous r
esults are extended to this case. Finally, some numerical simulation r
esults are presented.