The 30-year-old man, who has not been named, was dragged into freezing seas 15 miles off the Cornish coast late on Wednesday night after getting tangled in an anchor rope as the Newlyn-based netter Ocean Spray shot her nets.
Luckily, the accident was witnessed by skipper Peter Laity, who immediately went full astern and was able, with another crewman, to pull the victim back on board.
It was a repeat of an incident in 1997 when experienced fisherman Chris Cripps was pulled off the Ocean Spray when he was caught in an anchor rope. Despite the brave efforts of then skipper Malcolm Nicholls to save him, Mr Cripps died later in hospital.
The tragedy was uppermost in the minds of the Penlee RNLI crew who launched Wednesday's emergency at 9.10pm. Coxswain Patch Harvey said: "I immediately thought this was Chris Cripps all over again."
The 45ft Ocean Spray had been shooting her last string of nets at 8.45pm when the accident happened. The crewman is thought have been tangled in the anchor rope and crushed against the side of the fishing vessel as the net was shot.
He was then pulled overboard and under the water as the net sank. As the boat slowed, he surfaced close by and was rescued.
It took the lifeboat 40 minutes to reach the scene, 15 miles south-east of Newlyn, but the crew were unable to put a crewman on board to give first aid because of the heavy swell and strong winds.
Instead, the lifeboat escorted the Ocean Spray back to Newlyn, monitoring the condition of the injured fisherman during the journey.
Once alongside, the RNLI crew treated the fisherman using oxygen and painkilling gas before the ambulance arrived. An ambulance then transferred the man to the Royal Cornwall Hospital at Treliske, Truro, where his condition was described as "comfortable".
Mr Harvey said the victim "owed his life" to the fast actions of the crew. It is not known if he was wearing a lifejacket.
"He is a very lucky man. It could have been a very sad outcome if it wasn't for the quick actions of his skipper and crewmate, especially in those conditions."
Chris Cripps, a father-of-one with 25 years' experience as a fisherman, had been aboard the Ocean Spray as she fished over a wreck 40 miles from the Isles of Scilly.
Former skipper Malcolm Nicholls tried to save his lifelong friend by jumping into the water and pulling him back on board, but Mr Cripps could not be revived.
Mr Nicholls, 58, now a taxi driver in Penzance, said yesterday: "Poor old Chris – we loved him and we'll never, ever forget him."
The Ocean Spray was back at sea yesterday and Mr Laity could not be reached.
The latest incident is being investigated by the Marine Accident Investigation Branch.