In a travel bulletin issued on Wednesday afternoon (17 May), the Foreign Office said the Emilia-Romagna region of Italy had been beset by severe flooding.
Discussions on Wednesday (17 May) between local authorities and organisers of the race concluded the event could not take place due to safety concerns.
In a statement, F1 said it "would not be right" to put further pressure on local authorities and emergency services at this "difficult time".
"The decision has been taken because it is not possible to safely hold the event for our fans, the teams and our personnel and it is the right and responsible thing to do given the situation faced by the towns and cities in the regions," it added.
According to reports in the national press, at least eight people have died and 5,000 have had to be evacuated as a result of the floods.
