The organisers of the Great Yarmouth Air show have confirmed the event has been axed for 2019.
It is believed the inaugural event made a loss of more than £500,000 when it was held on June 16 and 17, 2018.
An estimated 180,000 people were entertained by a number of top-flight planes at the show including the Red Arrows, The Great War Team and the Battle of Britain Memorial Flight.
However, leader of Great Yarmouth Borough Council, Graham Plant said he is not surprised the air show will not be returning this year.
He said: 'I didn't think we would see the air show in Great Yarmouth in 2019 because of the costs. If the organisers could find a way to lower the overhead costs then it would be good to see it again.
'We do have lots of other events going on though so it should still be another great year.'
The show was organised by the Greater Yarmouth Tourism and Business Improvement Area, (GYTABIA), with businesses paying a levy to fund the show.
It was reported in GYTABIA's accounts in September that the event made a loss of £582,000 and income from park and ride systems was £100,000 down on what was predicted.
A post on Great Yarmouth Air Show's Facebook page on Monday morning said: 'Unfortunately we will not be holding an airshow in 2019 however we will be looking at options for the future, we will keep you posted on this page.'
Residents in Great Yarmouth have been having their say on the news.
Karl Poundall said: 'This is a great shame. Proper planning and reasonable charges could make this event an incredible success.'
Leader of the Labour group in Great Yarmouth, Trevor Wainwright described the announcement as disappointing.
He said: 'I am not surprised to hear the news because the event lost a colossal amount of money.
'It is a shame but ultimately a lot of traders and businesses in the area did not seem to benefit from it so this was pretty inevitable.'
Speaking last year, air show secretary, David Marsh described the event as a success but said not as many people used the park and ride system as expected.
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