One of the children unfortunately died on Sunday evening, several hours after the accident.
“One of the children did not succeed,” announced the National Alpine Rescue Service. “The death toll is therefore unfortunately 14.”
There have also been reports that a Briton may be among the victims. Colonel Giorgio Santacroce, a senior Carabinieri officer, confirmed that some of the dead were foreigners, but said “efforts to identify them are still ongoing”.
A spokesperson for the Foreign, Commonwealth and Development Office in London said they were “monitoring developments” after the crash, but were not aware of any UK nationals involved.
A list of 11 of the victims was obtained by Italian media on Sunday evening and included four Israelis and one Iranian.
The tragedy occurred on a cable car route that connects the town of Stresa on the shores of Lake Maggiore to a mountain recreation area called Mottarone, which sits 4,900 feet above sea level.
It offers hiking and cycling trails as well as magnificent views of Lake Maggiore and the surrounding Alps.
The two children, aged nine and five, were taken by helicopter to a hospital in Turin.
Both suffered serious injuries and one of them was subjected to a six-minute heart massage as doctors at the Regina Margherita Hospital in Turin desperately tried to save the child’s life.
“The situation is critical. Both children are in a potentially fatal condition, ”said Fabrizio Gennari, director of pediatric surgery at the hospital.
“We are operating on the younger one, who is conscious, while the older one has had cardiac arrest.”