The local man was in a critical condition when he was taken to Letterkenny University Hospital on Saturday evening.
However he has recovered well from hypothermia.
Crews from the Irish Coast Guard 118 helicopter and Arranmore RNLI as well as the Bunbeg Coast Guard unit have been praised for their lightning reactions to the incident.
Local fishermen believe the rescuers saved the lobster fisherman’s life.
Although the man was wearing a life jacket, he had become entangled in ropes which could have proved fatal.
The helicopter winch man however managed to cut him free, and he was winched on to the helicopter which was was en route to Letterkenny general hospital by 6.50pm.
Irish Coast Guard operations manager Gerard O’Flynn said: “It was a very rescue because of the circumstances but the response was very very quick.”
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