[Rick Masters]

Looks like it.
Maybe a ballistic 'chute would be good.

[Red]

Looks like it. Maybe a ballistic 'chute would be good.

Rick,

For the USA, FAA Part 103 has a top speed limit (at full throttle) of 55 knots. So as is, it may not be an FAA-legal ultralight in the USA.

Not sure how the Part 103 stall speed limit (24 knots, max) would apply, either. I have seen a few other one-person "ultralight" helicopters. How are they classed?

[wingspan33]

One thing it's not, is ultralight on your bank account. The anticipated price is 240,000 Euros!

Plus, you've got jet fuel strapped to your back and lots of thrust pushing up through your feet. How easy would it be for the lifting force to become a "propelling you toward the ground" force? Once you hit, the fuel pack ruptures and the hot turbines intersect said jet fuel. Result - Investment (and pilot) goes up in flames.

[Rick Masters]

Not sure how the Part 103 stall speed limit (24 knots, max) would apply...

How easy would it be for the lifting force to become a "propelling you toward the ground" force?

Yeah, an ultralight that lands at 9.8 meters per second squared would exceed the 55 mph FAA speed limit in a very short time.    
But a lot of paragliders land at that speed and nobody seems to be bothered.
In fact, I have over a thousand or so occurrances of paragliders exceeding that speed without one FAA notice of violation.