The university has also cancelled the valedictorian speech by a Muslim student who said she was silenced by anti-Palestinian hatred
SIC television said 35 others were injured when the tree fell outside a church in a village in the hills overlooking Madeira's capital Funchal.
The accident happened during a major Roman Catholic festival marking the Assumption, or entry into heaven, of the Virgin Mary, mother of Jesus.
Emergency services were not immediately available to comment but were expected to give details later in the day.