Speaking to The Daily Telegraph, Shaik said, "I cried when I watched it."
"It is really horrific what happened," the model said, claiming, "The girls and I were just kind of dragged into it."
She went on to admit that she would never have shown her support for the festival if she had any idea it would turn out the way it did.
The VS model also revealed she had received public criticism and backlash for being involved.
Despite this, she argues that her agency, IMG models, would never have put her in a potentially bad situation.
"When a client comes to my agent and has a vision or a project they want to work with us on, my agency always makes sure we are protected and looked after," Shaik said.
The failed 2017 festival resulted in eight separate lawsuits with one claiming over US$100 million in damage costs.
The CEO of Fyre Inc. Billy McFarland was found guilty in 2018 on fraud charges and sentences to six years in prison.