Step 1: Spot the special triangle.
The string, the ground, and the vertical height form a right triangle with the angle of elevation $30^\circ$ and hypotenuse (the string) $=80$ m, that is, a 30-60-90 triangle.
Step 2: Use the standard 30-60-90 side ratio.
In any 30-60-90 right triangle, the side opposite the $30^\circ$ angle is always exactly half the hypotenuse.
Step 3: Apply it here.
Height $=\frac{80}{2}=40$ m.
\[ \boxed{40 \text{ m}} \]