Magnussen, running eighth, lost control of the back of his car as he crested the famous Spa hill, and spun rearward into the barriers before impacting front-on into the tyre wall. The Dane, who was able to climb from the cockpit, suffered a small cut to his left ankle and was taken to hospital for further routine checks.
After being given the all-clear, Magnussen said on Twitter that he had a 'sore ankle' but would be ready for Monza next weekend.
"Our first concern today was with Kevin after his big accident in Eau Rouge," Renault team principal Fred Vassuer said. "He was able to leave the car unaided and was taken to the medical centre as a precaution. He was responsive throughout but had a cut on his ankle that required some further checks so was taken to hospital in Verviers."
The incident prompted a 17-minute stoppage of the race as stewards worked on repairing the heavily damaged barriers. It followed a chaotic start to the Belgian race, after Red Bull’s Max Verstappen and the Ferraris of Kimi Raikkonen and Sebastian Vettel went three abreast into the opening corner, all making contact and all picking up damage.
Jenson Button and Pascal Wehrlein went out on Lap 1 after the Manor rookie ran into the rear of the McLaren driver, while Toro Rosso's Carlos Sainz and Sauber's Marcus Ericsson were also early retirements.
WATCH: Magnussen crash brings out red flags at Spa
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