F1 president and CEO Stefano Domenicali says the cancellation of this weekend's Emilia-Romagna Grand Prix in northern Italy because of flooding was the right one for local families in the region.

Formula One said it made the decision for safety reasons and to avoid any extra burden on the emergency services, after consulting with Italian political figures.

"It is such a tragedy to see what has happened to Imola and Emilia-Romagna, the town and region that I grew up in and my thoughts and prayers are with the victims of the flooding and the families and communities affected," Domenicali said.

At least five people have died in the flooding and 5,000 more have been evacuated, while electricity supplies and cell phone networks have been severely affected.

Thousands of fans were expected at the circuit from Friday for practice sessions ahead of the race, adding more load to an already stretched transport system.

"I want to express my gratitude and admiration for the incredible emergency services who are working tirelessly to help those who need help and alleviate the situation - they are heroes and the whole of Italy is proud of them," Domenicali said.

"The decision that has been taken is the right one for everyone in the local communities and the F1 family as we need to ensure safety and not create extra burden for the authorities while they deal with this very awful situation."