The 20-year-old Indiana-born racer's Lotus hit the back of Russian Dmitry Suranovich's Marussia, which was without a rear wing and weaving across the track, as they exited the tunnel at the fastest point of the street circuit.
The car took off and flew into the wire fence almost vertically to the left, before being hurled back to the track where it landed on its right side in a shower of sparks, debris and bouncing wheels.
Daly climbed out and said later on his Twitter account that he was unhurt.
Was Conor Daly trying to copy his dad's F1 accident in the 80's? Fortunately everything ended OK.
Derek Daly crash in Monaco 1980