If a solar storm hits across America, it could cause massive blackouts that will lead to economic losses of up to $41.5 billion a day, according to a new study.

In a new study, researchers were able to examine the economic implications of massive solar flares striking Earth. These flares can cause power outages in entire regions.

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The sun emits powerful energies known as solar flares and CMEs (coronal mas ejections). Solar flares produce X-rays which can reach our planet within the speed of light under eight minutes. However, coronal mass ejections are massive solar clouds that can take up to three days to reach Earth.

Both are massive explosions of solar energy. However, flares can last anywhere from minutes to hours. CMEs, on the other hand, are so intense that they bring about hot, intense particles called plasma which can take days to strike the planet.

These powerful CMEs can become destructive when they reach Earth as they can interfere with satellites and radio communications.

In this new study, researchers analyzed the most extreme scenarios of a solar storm blackout which would affect 66 percent of the U.S. population. Their findings showed that daily domestic economic losses could reach up to $41.5 billion and an additional $7 billion loss affecting international supply chain.

Space weather events this extreme can occur often, but they rarely affect Earth. The last well known geomagnetic storm happened in 1989, and it collapsed the entire power grind in Quebec, Canada, causing widespread blackout for nine hours.

Researchers say that this kind of solar activity can cause power loss, aviation disruption, loss of communications, and satellite systems disruption. 

According to the co-author of the study, Edward Oughton from the Cambridge Centre for Risk Studies at Cambridge Judge Business School, space weather can affect domestic U.S. production and various economic sectors such as manufacturing, finance. It can also cause economic losses in other countries due to supply chain linkages.

When extreme northern states are severely affected, the economic loss can reach up to $6.2 billion every day and will also result in an international supply chain loss of $0.8 billion.

If a solar storm can affect 23 percent of the population, the daily loss will amount to $16.5 billion and $2.2 billion for global losses. If 44 percent of the population is affected, the daily loss can reach up to $37.7 billion and $4.8 billion internationally.

This new study was published in Space Weather, a journal of the American Geophysical Union.