In less than 45 minutes, the critically-ill man was resuscitated twice before being brought back to shore, loaded into the waiting helicopter and flown to Mackay Base Hospital.
Whitsunday Police are interviewing witnesses to the incident and will use this information to prepare a report for the Coroner.
The 33-year-old victim of the attack was among 10 friends who sailed out on a rented yacht from the Queensland mainland on a five-day cruise through the idyllic Whitsunday Islands, Police Inspector Steve O'Connell said.
Numerous charter boat operators were sensitive enough about the attacks to refuse the ABC's attempts yesterday to charter a boat out to Cid Harbour, amid concern about adverse media attention on the region.
The Queensland Police Service extends its sympathies to the deceased man's loved ones at this hard time.
An Australian man attacked by a shark at Cid Harbour off Australia's north-eastern coast, close to the southern end of the Great Barrier Reef, has died overnight.
A man is in a critical condition after he was attacked by a shark at the Whitsunday Islands off Cid Harbour, where two tourists were mauled in separate attacks within 24 hours in September. "It's just - the injuries were so severe".
Ben McCauley, one of the RACQ CQ rescue crew members who helped airlift the man to hospital, described the scene as "gruesome", according to CNN affiliate Seven News.
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Cid Harbour, located in north Queensland's idealic tourism hotspot the Whitsunday Islands, has recently become notorious for shark attacks following the mauling of two people in September this year.
Less than a day earlier, 46-year-old Tasmanian tourist Justine Barwick suffered a major injury to her upper left thigh.
"When the man got off the paddle boat and into the water, he was bitten by the shark".
He had dived into the water to give the woman her turn on the board when he was attacked, O'Connell said.
The pre-teen lost her leg in the attack, which led to a shark bait operation, in which six sharks were hooked and killed within a week.
Tourism Whitsundays CEO Natassia Wheeler said they supported all efforts to inform visitors about the dangers of sharks in the area.
Tourism Minister Kate Jones says expert advice suggests drumlines are not the most effective method of controlling shark populations. We simply do not know why this is occurring and what is responsible for it,"Gschwind said".