Fleetwood Rotary and the Fireworks Committee have announced the Firework Extravaganza has been cancelled.
Organisers said "the decision had to be made at this time before any irreversible financial commitments were entered into".
The popular event was due to take place on November 5.
Last year's event also fell casualty to the Covid pandemic, meaning the last time the event took place was back in 2019.
A statement released by Fleetwood Rotary and the Fireworks Committee said: "The current Covid-19 situation and the continued uncertainty surrounding the future organisation and running of large-scale events has made further planning and execution of the event impossible.
"The organisers foremost concern must be the safety of all concerned and for everyone to enjoy the event in a relaxed and safe manner.
"It is hoped we can resume the display in 2022 and the team will be working hard to achieve this."
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