British Formula 4 driver Billy Monger has lost both of his lower legs as a result of a horrific crash at Donington Park.

The 17-year-old was airlifted to hospital after colliding with the rear of the slow moving car of rival Patrick Pasma, having been unsighted on the run into Schwantz curve.

Medics took nearly two hours to extricate Monger from the car following the incident last Sunday.

Pasma was also taken to hospital but was released on Monday without serious injuries.

A statement issued by the British Formula 4 Championship has confirmed the extent of the teenager’s injuries.

Monger is currently in an induced coma at the Queen’s Medical Centre in Nottingham following the amputation of his lower legs.

He is in a critical but stable condition with medical teams pleased that the driver’s vital signs are showing signs of progress.

“The incident that happened during the British F4 race at Donington Park on 16 April, 2017, is deeply saddening for all those involved,” read the statement.

“Billy Monger is in a critical, but stable condition at Queen’s Medical Centre in Nottingham where he is receiving the best medical attention possible.

“The medical team there are pleased that all Billy’s vital signs are showing progress and going in the right direction.

“Due to the injuries sustained and despite every effort, Billy has sadly had both lower legs amputated.

“He has been kept in an induced coma while undergoing surgery, from which he is expected to be woken in the next few days.

“Billy’s family would like to express their gratitude for the first-class medical attention given by Queen’s Medical Centre in Nottingham and take this opportunity to thank the medical teams, marshals, extrication crews and air ambulance staff for their skilled response and hard work.

“Furthermore, they would like to thank Billy’s colleagues, friends, fans and everyone who has demonstrated their affection for him over the past few days.

“These messages help give the great strength needed for the recovery process that lies ahead.

“A crowdfunding site has been set up to raise funds for Billy and his family, to contribute towards the specialist treatments that will be needed for his recovery.

“To donate to this fund please visit: http://bit.ly/2pggxoJ.

“The F4 community and wider motorsport world will no doubt be saddened by this news, but are asked to respect the family’s wish for privacy during this difficult time.”

The crowdfunding page set up to assist Monger’s recovery has already attracted more than 7000 contributions, raising £301,050 ($513,331 AUD).