Determine how far away you are from the ground before you do anything rash.
If the ground is a LONG ways away, try to entice a large bird of some sort with the meat to get it to save you. While waiting for a bird, start blowing into that balloon frantically to use as a cushion just in case no birds are around.
If its a short distance away the fall shouldnt hurt THAT much :P
Why not just hold the balloon ope with 2 hands until it gets big and acts like a parachute?...And write "Gnomes Rule" on the side of the balloon to show your love for the Gnomish people