The committee has decided to call the whole festival off, in the interests of safety, due to the Status Red weather alert.
The whole programme from Friday to Sunday is now cancelled.
The annual celebrations mark the anniversary of the unveiling of the Waterford flag by Thomas Francis Meagher on 33 The Mall in 1848.
Spokesperson for the 1848 Tricolour Celebrations Committee, Michael Garland, said “We, the Committee, have had to make the very tough, but sensible decision to cancel the festival entirely. We wish to inform as many people as early as possible to avoid unnecessary travel.”