This risk is widely known in the industry and in most places procedures are in place to limit the consequence to becom just a nuisance. The "worst case scenario" would happen, if nothing wouldn't be done at all and that is not the case anymore. Ironically some cold war era preparation for a possible nuke attack were adressing the same effects on the power grid (high common mode voltages with mainly low frequency components induced into the power lines, causing transformer core saturation and consequent overload events and so blackouts). Countermeasures were the winding style on the transformers (so the center point could be grounded, yet a common mode currents do cancel out with respect to the core magnetic flux), long lines cut into multiple sections (which get temporarily disconnected should such induction happen) and mainly the early warning systems (main mission of the SOHO observatory probe orbitting the sun). The thing is, the power grid was somehow prepared, but the question is about the sattelites. General approach is to "hibernate" them for the event duration, so only the basic timer stays powered, the rest is shut down. That way it is believed the high ionizing radiation won't cause any damage (the biggest thread of radiation is for it to cause a latch up, leading to local thermal destruction of monolithic ICs; the space grade designs are ruggerized, but still have their limits)
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