Fire crews from Hampshire & Isle of Wight Fire and Rescue were mobilised to Crossway at 20:43 following reports of a property fire within a block of flats.
The first crews on scene – from Sandown and Shanklin – were met with smoke billowing from a top floor property. Entry was swiftly gained and firefighters pulled 1 person from the burning building before commencing CPR.
Further resources from Newport, Ryde and Cowes were deployed to the scene alongside multiple crews from the Isle of Wight Ambulance Service.
Having successfully resuscitated the casualty, emergency teams transferred the individual by land ambulance to Bembridge Airport where Coastguard Rescue 175 had landed.
The individual has since been airlifted to Southampton General Hospital in a life-threatening condition.
Emergency teams are standing down from the incident but cordons are expected to remain in place overnight and into tomorrow morning.
Those displaced by the fire have been cared for at the nearby Bembridge Fire Station. The British Red Cross Emergency Fire Support Vehicle has turned out to support those involved.
Kent, Surrey and Sussex Air Ambulance was also scrambled to the incident but was stood down whilst overhead.
An investigation into the cause of the blaze is expected to take place.
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