Haas estimate $1m damage to Mick Schumacher car after crash in Saudi Arabia

Schumacher escaped the incident without major physical injury

Mick Schumacher’s car sustained significant damage during Saudi Arabian Grand Prix qualifying (Getty Images)

Haas have estimated that Mick Schumacher’s crash in Saudi Arabian Grand Prix qualifying caused damage to his car worth up to $1 million (£761,155).

The German driver escaped without major injury despite a significant, high-speed collision with a concrete wall.

The 23-year-old had lost control after riding the kerb at Turn 10.

The team opted to enter only one car come raceday in Jeddah, with Kevin Magnussen finishing ninth.

Guenther Steiner, the team principal for Haas, explained that very few parts of the car survived the incident intact.

“The cost is pretty high because all the suspension is gone except the front left,” Steiner said of the financial impact of Schumacher’s crash.“There is still something on there, the rest is just like talcum powder.

“I don’t know money-wise as yet but the bodywork’s gone, radiator so between half-a-million to a million [dollars] I would say.

“The chassis itself doesn’t seem to be broken, the side-impact structure but you can change them. We need to do a proper check on the chassis but not too bad, to be honest.

“The engine, I’ve been told by Ferrari, seems to be okay, the battery pack as well, and then all the rest is broken.”

Formula 1 teams have a budget cap of $140 million (£107 million) for the 2022 season.

With 22 races left on an expanded calendar, Steiner hopes that his team can avoid too many more significant crashes.

“There is a nominal amount [to cover accidents] but in a racing team you can never stick to a budget like in a normal commercial business because you have this risk,” Steiner outlined.

“You have your contingency but if you have two or three [incidents] like this then your contingency is used up pretty quick.

“It’s not a contingency anymore, it’s a loss so you just need to manage. Obviously, I hope we don’t have many of them.”