The Finn, 2007 world champion, was able to get out and limped to a safety car before being taken to the circuit medical centre.
Officials said the race would re-start once repairs had been made to the damaged guardrail.
It was the first time since Monaco 2000 that a race had been red-flagged on the opening lap.
Brazilian Felipe Massa, starting his 200th race, was also caught up in the incident when he had to take avoiding action as Raikkonen's Ferrari re-entered the track in front of his Williams.
Massa looked unlikely to re-start, despite nursing the stricken car back to his mechanics, with the Williams too badly damaged.
"I hope Kimi's fine. He had a big crash," said Massa.
Formula One championship leader Nico Rosberg had started from pole for Mercedes, with McLaren's Jenson Button in second place when the race was stopped. Rosberg's team mate and title rival Lewis Hamilton was fourth.
Image: The car of Ferrari Formula One driver Kimi Raikkonen of Finland is lifted off the track following a crash
Photograph: Phil Noble/Reuters
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