The actress, who played Hope Morrison on the Aussie soap in 2016, was seriously injured in a highway crash near Ulladulla, New South Wales, on Boxing Day.
Jessica’s parents died at the scene along with a 50-year-old man, after a four-wheel-drive crossed the road and collided with their car.
The soap star and her 21-year-old sister Annabelle were pulled from the wreckage before the vehicles became engulfed by flames.
Annabelle died in hospital soon afterwards.
Despite undergoing surgery several times, Jessica remained in a coma, before dying on Tuesday (16 Jan).
News of her death was confirmed in a statement from St George Hospital in Sydney. A spokesperson said: “On behalf of the family of Jessica Falkholt, St George Hospital has been asked to advise the media and the community of Jessica’s passing today at 10.20am (local time).
“Jessica passed away from serious injuries sustained in a motor vehicle accident on 26 December, 2017.
“The family has asked for privacy during this very difficult time.”
Channel Seven, the Australian broadcaster who produces ‘Home And Away’, stated: “Jessica’s shining talent was recognised and respected by all her cast mates and crew and her beautiful friendship treasured.
“We send our sincere condolences to her extended family and friends during this difficult time.”
During her two-month stint on the soap, Jessica’s character was kidnapped by Spike Lowe, and arrested for stealing credit card details before being sent to prison.