The 34-year-old three-time world champion fought off a large shark during the final heat of a world tour event at Jeffreys Bay in South Africa on Sunday, with the dramatic scenes beamed live around the world.
He survived unscathed, with rival and close friend Wilson, also from Australia, furiously paddling towards him to help despite the danger posed by the shark, which experts suggested was either a bull or a great white.
"You just count your lucky stars and if there is someone up there looking after us -- thanks."
Speculation has been rife that Fanning may call it quits after indicating, in the moments after his terrifying ordeal, that he might not compete again.
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Fanning admitted today he was now dealing with "an emotional mental sort of trauma" that would probably take weeks, if not months, to get over.
"Surfing has given myself and my family so much. It's gotten me through the hardest times in my life," he said.
"So to turn my back on surfing, it just wouldn't feel right."
He is even prepared to get back in the waves at Jeffreys Bay.
"For sure," he said, when asked if he would compete there again next year.
Social media went into a frenzy over the dramatic close call, with a YouTube clip of the attack being viewed almost 13.5 million views.
Even Hollywood star Russell Crowe commented on Twitter. "My heart was racing just watching," Crowe posted.