Not since Michael Walchhofer in 2006 has an Austrian tasted victory in the Kitzbuhel downhill and that drought looked like being extending by Aksel Lund Svindal.
Svindal produced a storming run of 2:03.59minutes to deny Bode Miller however Reichelt had other ideas and, after a cautious start at the top, was stunning at the bottom.
He executed the lower turns with absolute precision to clock a time of 2:03.38 and end almost ten years of hurt for Austria in the prestigious downhill in Kitzbuhel.
American Olympic champion Miller set the tone for a pulsating period involving Svindal, who maintains his World Cup leads, and Reichelt but he had to make do with third in 2:03.72.
Meanwhile in the ladies' downhill World Cup in Cortina d'Ampezzo, rescheduled from Garmisch-Partenkirchen, last season's overall champion Tina Maze tasted victory for the first time this season.
Slovenian Maze clocked 1:37.79 for a fourth podium finish but most importantly her maiden win of Olympic year while Marianne Kaufmann-Abderhalden was 0.27 seconds adrift in second.
Tina Weirather beat Maria Hoefl-Riesch into third by 0.16 but the German double Olympic champion still leads both the overall and downhill World Cup standings.