Plans for a Flying Fortress fly-by during Southampton's VE Day sixtieth anniversary festivities were scrapped due to insurance costs.
According to reports, changes to the insurance classifications for aircraft mean the American-made B-17, named Sally B, is now classed in the same category as a Boeing 737 jet.
Sally B's owners say the legislation has increased their insurance premiums by almost 300%, the equivalent of an extra £1,000 per flying hour. The aircraft only flies for approximately 20 hours a year.
Sally B is the last flying B-17 bomber in Europe.
The new EU rules on third-party liability insurance came into force on 1 May, based on maximum take-off weight.