This event started in 2005 as the first Austrian acro competition above Zell am See. Following the example of other successful events like Vertigo-Voss the pilots jumped from helicopter in the final run of the competition - this became a show highlight of the event in the later editions but was not a part of the competition anymore.
In 2007 Paranoia became a part of the World Aerobatics Tour and was held as one of the mayor stops till 2012.
Due to the rather low average altitude over the water (250-400 meter) the competitors only had to perform 3 maneuvers. This required a fairly different strategy compared to other events and put a lot more importance on the successful execution of the landings.