10:01 AM PT -- 5/19 -- F1 is also helping out in a big way -- the organization just announced it is making an immediate 1 million euro donation ($1.08 million) to the Emilia-Romagna area to help those affected by the flooding.
F1 CEO Stefano Domenicali explained the gesture ... saying, "I was born and grew up in the marvelous lands of Emilia-Romagna, a place that is living through some of the saddest moments in its history."
"The situation facing the communities in the region is terrible, but I know that the resilience and passion of the people in the region, like so many across Italy, will prevail through this crisis.