Is the former Pope Catholic?

Thanks for the insightful reply, Ira.

I am concerned about whether or not I have to pick up my luggage and re-check it and if that is enough time as I assume I will have to go through security and what not.

You have not stated crucial information to answer this question. Which airlines serve these two segments and are both segments booked as one reservation that "happens" have a layover in VIE vs. two separate reservations for which you are totally responsible for making connections AND transfer luggage.

You can still through check bags with separate tickets as long as the airlines involved have baggage transfer agreements. You'll have to go through passport control and security. I've only been through VIE once but it seemed like a pretty compact airport and I think short connections are fairly common there.

Greg makes a good observation. Proper answer needs added info- which airline or airlines you are flying- final destination, checked luggage etc.

Also note that some posters may not realize that Vienna opened a new Terminal in June 2012. This terminal involves some extended walking to some gates and some differences in security screening. To me not as user friendly as the old place.
Portions of the former old terminal have been renovated now so entire configuration of the airport has changed.
If you are able to check through your luggage at origin airport,obtain boarding card for onward flight from Vienna, and security lines are not long- 50 minutes is possible.

But needing to perhaps recheck luggage - new boarding card and pass security ( especially if you fly to north america destinations that often takes longer to pass control points.

If traveling with the same airline or co- operating airline , You may not need to recheck luggage. But the other factors can have you miss the next flight.
Hopefully not .

If you are travelling with one booking there won't be any problem. Your baggage will be checked through and you just have to walk from one gate within the international terminal to another.

However, if your incoming flight is delayed your connecting flight will be rebooked. Not a very big affair.

Problems arise only if you have separte bookings...

Oops, didn't realize there was a new terminal at VIE.

you just have to walk from one gate within the international terminal to another

But the second flight is an intra-Schengen one.

As people are saying, you didn't give enough specifics to answer your question.

For me I'd never take that short of a transfer, because if the incoming flight is even a little bit late then it doesn't work. But if you're on one ticket, same airline, not having to claim baggage or leave the secured airport area then maybe you're OK.