We present a framework for parametric proper orthogonal decomposition (POD)-Galerkin reduced-order modelling (ROM) of fluid flows that accommodates variations in flow parameters and control inputs. As an initial step, to explore how the locally optimal POD modes vary with parameter changes, we demonstrate a sensitivity analysis of POD modes and their spanned subspace, respectively rooted in Stiefel and Grassmann manifolds. The sensitivity analysis, by defining distance between POD modes for different parameters, is applied to the flow around a rotating cylinder with varying Reynolds numbers and rotation rates. The sensitivity of the subspace spanned by POD modes to parameter changes is represented by a tangent vector on the Grassmann manifold. For the cylinder case, the inverse of the subspace sensitivity on the Grassmann manifold is proportional to the Roshko number, highlighting the connection between geometric properties and flow physics. Furthermore, the Reynolds number at which the subspace sensitivity approaches infinity corresponds to the lower bound at which the characteristic frequency of the Kármán vortex street exists (Noack & Eckelmann, J. Fluid Mech., 1994, vol. 270, pp. 297–330). From the Stiefel manifold perspective, sensitivity modes are derived to represent the flow field sensitivity, comprising the sensitivities of the POD modes and expansion coefficients. The temporal evolution of the flow field sensitivity is represented by superposing the sensitivity modes. Lastly, we devise a parametric POD-Galerkin ROM based on subspace interpolation on the Grassmann manifold. The reconstruction error of the ROM is intimately linked to the subspace-estimation error, which is in turn closely related to subspace sensitivity.