The deaths would hit the racing community hard, Jacobs said.
“On a boat itself they train together, live together, cook together, they do everything together. It would be devastating, as we are devastated,” he said.
He promised an investigation by the yacht club to help improve safety in the event but said the race would go on.
Prime Minister Anthony Albanese issued a statement saying it was “heartbreaking that two lives have been lost at what should have been a time of joy”.
Gale-force winds and high seas had been forecast for the 628-nautical mile event, which ends in the Tasmanian state capital Hobart after the fleet tackles the notorious Bass Strait.
But this was not an “extreme” forecast, Jacobs said.
“These fleets can handle those winds easily. They are ocean racers, they are used to the winds,” he said.
In a night of drama, one sailor was swept overboard at night from the yacht Porco Rosso and carried more than a kilometre (more than half a mile) away before being rescued by the crew of his own boat, Jacobs said.
Weather is a critical factor in the race, first held in 1945, with winds and conditions often changing rapidly.
The overnight fatalities were the first in the race since 1998 when six men died, five boats sank and 55 sailors were rescued after a deep depression exploded over the fleet in Bass Strait.
Record holder retires
So far 16 yachts — including race record holder Comanche — have pulled out from this year’s initial fleet of 104, Jacobs said.
Three of them were dismasted and two suffered damaged mainsails.
