On his second qualifying lap of Q1, Perez lost the rear of the car turning into Sainte Devote, slapping the left-rear corner of his Red Bull RB19 into the barriers.
Perez's accident brought out the red flag and caused sizeable damage to his car.
"Unbelievable day. I cannot believe what I what I've done," Perez responded to the costly incident.
"It just caught me by surprise, just getting that rear out of shape, especially really late into the corner.
"It's a way of how we were trying to get the lap time out of it, but I just went over the limit and I became a passenger. There was nothing else I could do because it was really late in the corner, and I could not cut the corner or go out of the corner."
To make matters worse for Perez, the closeness of the grid and the rapid track progression dropped the Mexican's first flying lap down to last, meaning he will face an impossible task to salvage a result on the narrow streets of the principality.
"Yeah, it came around as a big surprise," Perez replied when asked if he was surprised that his banker lap left him last on the charts.
"Saying that isn't an excuse. I should have done better today, and all I can say I'm very sorry to my team, because you put so much energy, so much work preparing everything, and then you just disappoint everyone like this.
"I'm super disappointed today with myself and I know that tomorrow it's going to be an impossible race."
Team principal Christian Horner believes Perez paid the price for trying to carry too much speed through Turn 1.
" I can only think he was distracted by the Alpine on the right-hand side because he just misjudged that first turn and the circuit was only going to get faster and faster. He’ll be kicking himself for that," Horner told Sky.
“I think he just went in too fast. Maybe he was distracted. You can see the overspeed, he had a bit of a snap on entry and it wasn’t a small tap.”
Horner explained Red Bull might be forced to change Perez's chassis, which would result in a pitlane start.
“We might have to change the whole lot, the chassis, just as a precaution to be honest with you," he added.
"I think first of all, we’re just getting the car back, we’ll make that call when we’ve got it back.
"I think that it’s so hard, Max started from that position a few years back and I think he just made it into the top 10. Scoring points tomorrow will be the target for Checo because it’s likely to be a one-stop race, you’re caught in the crocodile and you can’t use your pace.”
