Yes, but it is not a single event, it generates currents in the ionosphere that move and jump around. Magnetic field lines break and reconnect. The event lasts

Yes, but it is not a single event, it generates currents in the ionosphere that move and jump around. Magnetic field lines break and reconnect. The event lasts for hours. The magnetic field at a particular place may reverse several times and the reverses can happen suddenly. But no, it is not like an EMP. That is the wrong way to think about it.