Wolny was sixth after the first round with a jump of 91m, but produced a superb 99m in the final round for 231.5 points, giving the 18-year-old then won the Gold medal ahead of Austrian Patrick Streitler and Evgeniy Klimov of Russia.
"I think this is the best day of my life," he said,
"My first and second jump was very good but not perfect. I think tomorrow we will fight in the team event."
Streitler finished an agonising 0.3 points behind, but refused to be downbeat: "This was an amazing day today. I prepared myself very well after the postponement of yesterday's competition. I have still had the energy and made two great jumps. And see, this is the result!"
Santeri Ylitapio of Finland was third after the first round and had a good chance of a podium finish, but he fell in the second round - despite almost managing to stay up on one ski - and came only 18th.