The energy deposition in the mesosphere and stratosphere during large extraterrestrial charged particle precipitation events has been known for some time to contribute to ozone losses due to the formation of potential ozone destroying species like NO(sub x), and HO(sub x). These impacts have been measured and can be reproduced with chemistry models fairly well. In the recent past, however, even the impact of the largest solar proton events on the total amount of ozone has been small compared to the dynamical variability of ozone, and to the anthropogenic induced impacts like the Antarctic 'ozone hole'. This is due to the shielding effect of the magnetic field. However, there is evidence that the earth's magnetic field may approach a reversal. This could lead to a decrease of magnetic field strength to less than 25% of its usual value over a period of several centuries . We show that with realistic estimates of very large solar proton events, scenarios similar to the Antarctic ozone hole of the 1990s may occur during a magnetic polarity transition.