I've had a jammed elevator incident once, BUT I had flown the aircraft in manual a number of times, so it just resulted in a bit of a thumper on landing (Could not flare enough) that took the Ginger Beers 3 days to sort (Kimpo Korean winter job).
Any flying display or formation flight should include manual practice if applicable. For a public transport aircraft, that needs to be done in some type of simulator. For a military jet it should include cross checking if the flight is within the dead mans curve for the seat or even manual silk procedure.
A good high tech base jumper pack can deploy fully from zero IAS and 125kts down from a height of 250ft. That is about half height of an old seat pack, BUT if it is an old Eastern block seat, that means you might need 1000 agl if stalled in similar way to the sad loss of this Hunter.
The big issue is knowing when to pull the handle or head for the exit and what the safety envelope looks like. If in doubt in a high performance jet, there is no doubt, get the hell out!
PS: I'm worth more dead than alive, so in reality I would do the right thing and head away from the plane spotters, rubber neckers and buildings. The Folland Gnat pilot took the correct decision after some kind of failure, may he RIP. Airline button pushers make PP light aircraft or fast jet drivers, as they forget how to fly and I don't think there is even a Hunter simulator. Reading the books does help, but you need several hundred hours on type before playing Top Gun.
Shoreham seems to be the place if you have good accident insurance:
https://www.youtube.com/watch?v=zxbulrrQVig
Note: The pilot survived and that one was not pilot error, apart from taking off in the first place!
PS: Weee and others should do a course in accident statistics (Very complex subject), cos flying displays are more dangerous than crop spraying or even serious new type flight test operations (Unless it's a tilt rotor job). You need to look at the per hour within the display area accident rates (Including unlucky rubber neckers) for the EU. Even the Swiss are killing themselves this year!
I've turned down or got sacked (Intentional bad behaviour due to serious QA construction concerns relating to the use of cheap contract engineers who were often drunk) from 3 flight test jobs for new aircraft in as many years. One crashed on lift off killing a test pilot, another crashed on landing after several good previous test flights (Serious injuries to the 2 drivers) and one had a more minor incident (Just an undercart bender job) on first flight, that finished off the test program.
Often the real error involved was taking off in the first place, as no job is worth killing yourself for, unless it involves life saving, like flying a water bomber!
@Display officials:
If you want to hire a real fun aircraft try a CL 415 (A 215 is cheaper):
https://www.youtube.com/watch?v=2w6N3LQ5uR8
BUT do not hire their pilots unless you know them, as the FAA & Canadian old boy captains are far better swimmers (Newbie P2 and P3 chaps are OK).
If you offer free fuel (They are thirsty due to the 5K hp) and good digs, then I might know how to get one for 2K usd per flight hour (Madrid transit) if there are no fires in progress.
They can do a real fun show, but are at their best in display terms when it's a hot day, but the shaving foam additive will cost extra, as you can't drop a full load of water on people or soft tops. The CAA will have to bend their display lines in some cases, cos I like to target the plane spotters who have not paid an entrance fee!
The P2F drivers will like this one:
https://www.youtube.com/watch?v=Ujh_jV5yi8g