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THe parachute man is essentially their Beast being blown away. This makes the death of Simon even more tragically poignant. All sense of rationality is lost now. Although not dangerous, the pilot was a symbol of the beast to the boys. Now both their saviour (Simon) and their beast are gone. If there is something you don't get please E back on this thread!
You might want to look under previously asked question for these answers. I think they've all been answered in the last couple of days.
but how does this effect the story?
Parachute man' s disappearance may have some effect on Jack's control of the boys. Fir as long as he's able to convince them that it's the beast (from a distance), he has a certain hold because they're afraid. Without it, that hold may dissipate.
The effect on the story is the utter loss of innocence and sense of futility in the boys. They have killed the only person who could have saved the boys from themselves. As a final insult to these boys, they watch their perceived beast float away.