Heavy rains Saturday night sent waters from Monocacy Creek over much of the complex, shutting down two stages.
Organizers say a slew of concerts and scheduled events had to be cancelled as a result.
It all combined to leave the festival $750,000 in the red.
Organizes also said Musikfest experienced rain on six of its ten days.
So, for the first time in Musikfest's 28-year history, ArtsQuest - the organizer of Musikfest - is making a plea for support from the community and has announced the 'Save Our Songs' Relief Fund.
"We realize that these are difficult times for our community so it is with great reluctance that we seek support," said ArtsQuest President Jeff Parks in a statement. "Unfortunately, Mother Nature has intervened this year and has literally rained on our parade."
ArtsQuest has always put any net revenue generated from Musikfest back into arts and cultural programs for the community, including the new $26 million ArtsQuest Center at SteelStacks. ArtsQuest does not have a financial reserve to support a loss of this size, Parks said.
Donations can be made by visiting musikfest.org/Flood