It’s unclear as to why he was holding on to the vessel’s basket although Israeli media have reported that he was a member of the balloon’s ground crew.
Local media identified the victim as Yogev Cohen, aged 28.
Photos from the scene showed him dangling from the hot air balloon, desperately clutching the red and white basket below the balloon before falling.
Police said he fell from a height of about 100 metres (330 ft) onto a road in the north of the country, just south of Nazareth. It is believed he landed on a car, but the occupants of the vehicle were unharmed.
The ballon’s pilot subsequently landed the craft safely. It is thought that 12 people were on board.
An investigation into the incident has been launched.
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