The collision was such that the daredevil's goggles came flying off and he lay on the ground for a few moments in pain and shock.
Schairer somehow returned to his feet and finished the race under his own power.
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According to a statement from the Austrian Olympic Committee, doctors believed Schairer had escaped serious permanent damage and showed no neurological impairments after the crash.
The Austrian Olympic Committee announced that he suffered a fracture of the fifth vertebra, but he's in stable condition.
The 30-year-old Schairer fell heavily on his back in Thursday's quarter-finals, with his head snapping back and striking the snow.
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"The good news: Neurological impairments are not present, consequential damage can now be ruled out". He was expected to be transported back to Austria to receive further treatment.
Schairer will return to Austria with medical assistance. He also had another crash in which he fractured a joint and tore four ligaments in his left shoulder in 2013, per his profile.
Sixteen-year-old Yuto Totsuka was carried from the scene on a stretcher after he was seen landing a crumpled heap following the fall on the course.
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Schairer competed during the 2010 and 2014 Olympics.