The reigning Mr World had a near-death experience when his parachute failed to open at 3,000ft while he was training for a charity jump.
Kamal Ibrahim, from Limerick, was planning a skydive record in a bid to raise awareness for the Variety Club of Ireland.
But he has now been forced to push back the challenge until next year.
Speaking to the Herald, he said: "I'm still planning to do the jump but at the moment it's just not possible due to safety concerns. I don't want to risk my life.
"There was a scary situation a few weeks ago while I was training in the US.
"I was about 3,000ft from the ground when I realised that the link in the pilot chute was missing.
"It's the piece which pulls everything out of the bag so you can land safely -- so it was very scary.
"The parachute didn't inflate and I was about 15 seconds from the ground, but thankfully I managed to get it loose by jiggling around the bag.
"The whole thing was delayed by about four seconds, but when you're falling from the sky you fall 1,000ft every five seconds so it felt like a very long time.
"I was genuinely scared that I was falling to my death.
"I really panicked when I realised I went from free falling to just falling but thankfully it all worked out okay.
"Afterwards I just had to go to bed for the rest of the day. The adrenaline was absolutely exhausting."
Kamal insisted the scare had nothing to do with him postponing his record-breaking jump. "I'm still definitely going to do it, but sometime next year instead," he said.
"It's just not safe at this time of year due to the weather conditions.
"I'm planning to do a stunt with a helicopter somewhere across Dublin to raise funds for the Variety Club in the meantime.
"The money is going to be used to buy Liberty Swings which are special swings for children with disabilities."
In addition to launching his own production company KI Productions recently, the 24-year-old has just returned from the US where he completed 150 skydives as part of his preparations for the record breaker.
But he also managed to fit in filming for a new RTE documentary series during his six weeks stateside.
"It's called Two For The Road but I can't say much about it. I was filming in Colorado. I had a great time, but I'm delighted to be home."