The Scarborough Community Lantern Parade was set to pass through Peasholm Park later this afternoon before making its way to the Open Air Theatre, but has now been forced to cancel.
The event's organiser, Animated Objects Theatre Company, said the decision was taken on public safety grounds, with a large number of trees overhead posing a risk.
It was announced yesterday that Scarborough Sparkle has also been forced to cancel due to the incoming extreme weather.
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Storm Arwen brings with it the risk of disruption to travel, power cuts and potential damage, especially within the amber area and near the coasts, where large waves could see material thrown on to coastal roads, sea fronts and properties.
In a statement, Animated Objects said: "Due to the weather forecast for the coming weekend being upgraded to a storm with winds predicted in excess of 65mph Scarborough Borough Council have rightly taken the difficult decision to cancel the Scarborough Sparkle event and the lantern parade on grounds of public safety.
"We understand that this is disappointing news for all concerned, particularly those of you who came along to help us with making lanterns and those who were hoping to see the parade in Peasholm Park.
"We are sure you will understand the reasons for the event not being able to go ahead as the parade was due to walk through a park with a large number of trees overhead."