The Earth will be fine, it's been hit with far worse in the past, even larger than the Carrington Event (see wiki-Miyake Event). The issue is that we weren't around with our technology that happens to not do great under such EM fields back then, but we are now for the next time.
There's also the study on super flares on solar like stars: https://www.nature.com/articles/nature11063
From this and follow-up papers it absolutely can happen on the Sun, just with a very low probability.
(I never thought this would ever come up on social media)
