Valencia MotoGP cancelled due to deadly floods
The race was due to be held on November 17 and a new venue will be "confirmed as soon as possible" said organisers in a statement.
Many of the top MotoGP riders had called for the race to be moved away from Valencia after the devastating floods which have killed at least 205 people.
Floods devastated towns, piling up cars collapsing bridges and filling streets with mud in Spain's biggest such disaster for decades.
"We have been in constant contact with the local authorities and the circuit to best assess how we can help and how we should proceed," said MotoGP.
"After carefully weighing up the potential positive impact of MotoGP racing in Valencia on delayed dates versus ensuring no single resource is diverted from the recovery efforts by the presence of MotoGP, the championship and local authorities have been obliged to cancel the 2024 Valencia GP.
"In lieu of racing in Valencia, MotoGP will instead race for Valencia... the championship will put our collective efforts behind backing the relief funds already in place."
The penultimate race takes place in Malaysia this weekend with Spaniard Jorge Martin top of the standings, ahead of Italy's Francesco Bagnaia, who won the 2023 championship in Valencia.
Both riders backed a move away from Valencia.
"At the end of the day, I think the best solution will be to race elsewhere," said Primac Ducati rider Martin on Thursday.
"Knowing the situation as it is, it's not correct... this could be wrong to race there," said Bagnaia.
Spanish reports said the Ricardo Tormo racetrack was not affected by the flooding but infrastructure around it was.
Other sporting events in the region, including La Liga champions Real Madrid's visit to face Valencia due to take place on Saturday, have been postponed.
It is not the first time that top level motor sport in Europe has been cancelled because of flooding.
The 2023 Emilia Romagna Grand Prix in Imola, Italy, was cancelled by Formula One organisers after flooding in the region.