Lifeboats were launched on either side of The Wash after an emergency on a fishing boat.
Crews from Hunstanton and Skegness were sent to the 14m vessel at around 5.30pm after a crew member became entangled in a mooring line before falling overboard.
They were recovered by crew-mates but there were fears for their well-being.
Hunstanton RNLI's inshore lifeboat Spirit of West Norfolk joined Skegness RNLI's all-weather class lifeboat Joel and April Grunnill in the operation after a Mayday request for help from HM Coastguard.
The casualty was transferred onto the Skegness lifeboat at around 6.20pm, before being airlifted by a Coastguard rescue helicopter and flown to the Pilgrim Hospital in Boston for treatment.
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