"Sunday, June 5th of Gov Ball 2016 has officially been cancelled, due to severe weather and a high likelihood of lightning in the area," said the statement. "The safety of fans, artists and crew always comes first."
"We are just as devastated as you," the statement added.
Kanye West was scheduled to headline, and Prophets of Rage was set for a surprise performance on the final day of the festival. Vic Mensa, Chvrches, Death Cab for Cutie, Vince Staples and Eagles of Death Metal were among those also set to perform.
See photos of Kanye West through the years:
It had rained on Saturday, but no performances were affected. The fest issued a warning over the weather Saturday night, followed by an announcement of a delayed opening time before the official cancellation.
Those who purchased single-day tickets for Sunday will receive a full refund. Those were purchased three-day tickets will receive a partial refund.
The Strokes, the Killers, Beck, Haim and Of Monsters and Men all performed at the Governors Ball on Friday and Saturday. The festival took place at Randall's Island Park in New York.