Ian Gellatly, from Leicester, was paralysed from the waist down after hitting rocks when he dived into the sea.
It then emerged his insurance did not cover the £10,000 cost of an air ambulance to bring him back.
But after an appeal and several fundraising events most of the money has been raised.
His family and girlfriend have flown out to the Mediterranean island where he is being treated in hospital in the capital, Palma.
He is expected to fly home in the next few days.
The accident happened when the 23-year-old was at a beach party with friends at the popular resort of Magaluf on the Spanish island of Majorca.
Mr Gellatly had a job at a bar in the town
Best friend Wesley Ward was with Mr Gellatly at the party.
"He has dived into the water which was shallow and he has hit his head," he said from the holiday island.
"Everybody thought he was having a bit of a joke and a bit of a prank but then everyone realised when he wasn't moving in the water.
Family devastated
"Then his friends took him out of the water and realised the seriousness of it when he said he couldn't feel his legs.
"His family are devastated, all his friends out here are devastated."
Doctors now say Mr Gellatly has only a 10% chance of walking again after the weekend accident.