It was issued yesterday and remains in place until 6pm this evening.
Rain has been persistent in Cork overnight with small spots of flooding on the approach to the city centre, however overall conditions appear to have eased.
Gardaí at Anglesea Street have had no reports of any incidents or major flooding resulting from the rain.
Cork County Council’s Severe Weather Assessment Team had crews on standby in several risk locations across the county clearing inlets and gullies.
The team will continue to monitor the situation and are due to meet at 9am.
Meanwhile, in Waterford, conditions are reported to have eased from about 4am this morning.
Gardaí were not called to any incidents as a result of the rain, stating that many chose to stay indoors due to the warning.
There are currently no reports of any unplanned power outages or water supply issues in either county however, if any customers are experiencing issues they are encouraged to contact ESB or Uisce Eireann.