Overnight during Cyclone Ianos, anchored Swiss-flagged sailing boat was swept away by strong winds and crashed into rocks in Schinos, east of Ithaca.
The two occupants on the boat disembarked and were not injured in the incident.
Winds in the area are strong, reaching speeds of up to 8 Beaufort.
The mayor of Ithaca, Dionisis Stanitsas, spoke to MEGA about the "very serious" situation on the island.
According to the mayor, there is extensive damage to the road network and shops and houses have been flooded. Additionally, trees were uprooted and knocked out power across the island.
He has also asked citizens to avoid travelling as "the next hours will be difficult."
So far no injuries have been reported on Ithaca.
Meanwhile, the Provincial Governor of Ithaka Thanassis Livitsanis is pushing for the island to be put under a state of emergency.