Final answer:
In 1989, a major solar storm caused significant power outages and financial losses in the United States and Canada due to Coronal Mass Ejections (CMEs) affecting Earth's magnetic field.
Step-by-step explanation:
In 1989, a major solar storm caused approximately $100 million in losses after power was disrupted across the United States and Canada. This kind of storm is associated with disturbances in Earth's magnetic field due to Coronal Mass Ejections (CMEs).
Such solar events can induce strong currents strong enough to burn out transformers and lead to widespread power outages. Specifically, parts of Montreal and Quebec Province in Canada were without power for up to 9 hours due to this solar storm.
It's noted that electrical outages due to CMEs are more likely to occur in North America than in Europe because North America is closer to Earth's magnetic pole.