Is there a punishment for ejecting from a fighter jet?
Under most circumstances, no (except for some punishment to one's spine). An ejecting US Naval Aviator pilot will not normally suffer any disciplinary action.
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If the pilot needs to warn you that you're going to have to eject in the near future, he will use the word “eject,” as in, “Hey, get ready, we are going to have to eject in about 30 seconds.” If things go horribly wrong and you need to blow out of the ship immediately, the command is, “bailout! bailout! bailout!”
Fighter jet pilots do carry guns in case they have to eject or land in enemy territory. The type of gun carried depends on the mission and can range from a handgun to an assault rifle. Generally, fighter jets are equipped with either a 9mm pistol or an M4 carbine rifle for self-defense if needed.
They're not just for the air!The main purpose of an ejector seat is to let a pilot escape in mid air. But some pilots have found themselves trapped underwater and managed to escape using the ejector seat!