Announcing the decision on Twitter, the pair wrote: "With great regret, we must announce that this year's Glastonbury Festival will not take place, and that this will be another enforced fallow year for us.
"Tickets for this year will roll over to next year. Full statement below and on our website. Michael & Emily."
In a full statement, they confirmed: "In spite of our efforts to move Heaven & Earth, it has become clear that we simply will not be able to make the Festival happen this year. We are so sorry to let you all down.
"As with last year, we would like to offer all those who secured a ticket in October 2019 the opportunity to roll their £50 deposit over to next year, and guarantee the chance to buy a ticket for Glastonbury 2022.
"We are very appreciative of the faith and trust placed in us by those of you with deposits, and we are very confident we can deliver something really special for us all in 2022!
"We thank you for your incredible continued support and let's look forward to better times ahead."
Fans of the festival were quick to praise the organisers for taking quick and decisive action, even while expressing their sadness that the UK's biggest and most popular music festival faces another enforced fallow year.
One person commented: "Sad news but the right decision. You're not letting anyone down. Roll on 2022!"
Another said: "Totally understandable but absolutely gutted... for all of us, and for the whole team that organise it. The longest I've gone without a Glastonbury festival since 1993. I am missing it already."
Sir Paul McCartney, who had been due to headline last year's event before it was cancelled, admitted recently that the festival probably wouldn't happen in 2021.
He told Radio 4's Today programme: "This is the problem, the thing we do is we get 100,000 people closely packed together with flags and no masks - talk about a super-spreader.
"I'd love it to be [in my diary], but I have a feeling it's not going to be."
The good news is that anyone who bought a ticket for this year's event - hopeful, given the circumstances - will have the opportunity to roll their tickets on for another year to 2022, when things will look a little brighter, with any luck.