At least two people have died due to the weather conditions that have hit the area throughout May.
Heavy rain caused more than a dozen rivers to burst their banks during a 24-hour period, while red weather warnings for flooding and landslides remain in place for this weekend.
This has led many locals to be displaced, while emergency flood relief fundraisers have been created.
F1 instructed paddock personnel setting up garages and hospitality units to leave the circuit on Tuesday afternoon as a precaution amid a threat of flooding from the adjacent Santerno river.
They were also instructed not to return to the venue at all on Wednesday. Meanwhile, some teams opted to relocate staff members to different hotels.
Images and videos also emerged on social media showing that the support paddock and TV had been breached by water.
Now, following Wednesday morning discussions with the authorities and race promoter, championship chiefs have ruled that the race cannot proceed safely.
Source: Autosport