The two girls were aged 16 and 17 years old, and were passengers in a car on their way to a Debs Ball. Their bodies were taken to Monaghan General Hospital, where post-mortem examinations will take place.
An 18 year old boy who was also in the car at the time of the crash, is being treated for non life-threatening injuries. A 60 year old man who was driving the car who is in a critical condition, is being treated at Belfast's Royal Victoria Hospital.
The students who all reportedly attended Largy College in Clones, were all travelling in the same vehicle.
Clones Councillor for Sinn Féin Pat Treanor described the incident as "an absolute horror that's unfolding, and it's heartbreaking for everyone who lives in the area".
Mr Treanor confirmed that the Debs was called off following these tragic events, adding that both the school and Youth Work Ireland have remained open last night in order to offer support.
"Everybody, parents or no parents, were really numbed, shocked and waiting on the most tragic news", he said.
Mr Treanor also offered his sincerest condolences to those affected.
"I extend on my own behalf and on behalf of the local community to extend sincere sympathy to the families of the two young children who died in the event", he stated.
The councillor has revealed that after finishing work, he saw young people gathering for their debs, having photographs taken and mingling.
An hour later, he saw helicopters, ambulance sirens, and messages of immense sadness starting to come through county Monaghan following the accident.
Other politicians have also reacted to the terrible news, including Minister Heather Humphreys who added that it was "heartbreaking news for our local community in the Clones area".
TD Matt Carthy also added, "A moment of joy and celebration for these young people has been turned into a lifetime of devastation for those who loved them".
"God help the families affected. The prayers of everyone in Co Monaghan is with them".
