It doesn't sound impossible, nor will it need new technology. Hey, I have no idea at all about exactly what size and number of parachutes will be needed to keep a passenger aircraft afloat, but it does seem plausible.
If we take a smaller private jet, I think it can have a built in safety parachute system, for emergencies. And with safety being the most important factor why not manufacture smaller planes with this safety mechanism built into them.
Just a thought that I wanted to share with you all :)