The two missing people were saved by rescuers in Carrara, the town’s prefect and Mayor Mayor Angelo Zubbani told Il Tirreno. The news corrects an earlier report that one of the two people had died.
Both had been living close to a sawmill on the edge of the Carrione river, which burst its banks following hours of torrential rain.
Around 200 metres of riverbank collapsed as waterways in the area failed to contain the downpour, Il Tirreno said.
Five people who had been working in the town’s sawmill climbed onto its roof and were airlifted to safety by helicopter. Hundreds more families are unable to open their doors for fears their homes will be flooded.
Schools have been closed in Carrara, which is halfway between Florence and Genoa, while trains have also been stopped.
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Civil protection agencies warned residents to avoid driving and stay on high ground if possible.
Piemonte and parts of Liguria are also on heightened alert after heavy downpours.