The Margaret River Pro surfing competition has been cancelled by organisers due to safety concerns following two shark attacks near Gracetown.

The event had been suspended on Tuesday amid poor conditions, but in a statement on Wednesday morning, World Surf League (WSL) CEO Sophie Goldschmidt said the event could not continue.

"The WSL puts the highest premium on safety," Ms Goldschmidt said in a statement.

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"This cannot be just talk, and it cannot be compromised."

The attacks on recreational surfers on Monday took place just hours and kilometres apart, about 6 kilometres away from the primary event site at Main Break.

Alejandro Travaglini, 37, needed surgery to both legs after he was attacked at Cobblestones beach, while 41-year-old Jason Longrass walked to an ambulance after he was bitten on the leg at nearby Lefthanders break.

Sorry, this video has expired Shark attack victim flown to Royal Perth Hospital

Margaret River too dangerous: Medina

Brazilian professional surfer Gabriel Medina — who along with Italo Ferreira said he did not feel safe competing in the Margaret River region in the wake of the attacks — welcomed the decision to cancel the rest of the event.

Gabriel Medina says he is unlikely to ever surf at Margaret River again. ( WSL: Damien Poullenot )

"Safety is the main thing … there is risk, but I don't want to wait for something to happen to us," he said.

The former world champion described Margaret River as the most dangerous place to surf in the world, and said he was unlikely to return.

"I don't think it's safe to surf," he said.

"Even the locals, they always see sharks here … I will never surf by myself here because it's not safe.

"I don't think I'm going to surf here in the contest again. They're still talking about next year but I will probably not come.

"It could be the finish of this sport if something really bad happens."

Wrong call, Taj Burrow says

But retired professional Taj Burrow, who lives in nearby Yallingup, criticised the decision to cancel the competition.

WA surfer Taj Burrow says organisers made the wrong call to can the event. ( ABC Local: Anthony Pancia )

"I just think the risk is so minimal," he said.

"Probably the [big] waves they surfed on the first day of the event were a lot riskier than the possibility of a shark attack.

"It's just one of the things that comes with surfing and competing in the ocean.

"It's obviously safer in the competition area because they've got a few options for spotting sharks. It's very well monitored."

Mr Burrow said the decision would have a devastating impact on local businesses and tourism.

Safety threshold 'crossed': WSL

Ms Goldschmidt said surfing carried various forms of risk, but the cancellation of the event was necessary after the attacks.

Sorry, this video has expired Second man attacked by shark in WA's South West

"Sharks are an occasional reality of WSL competitions, and of surfing in general. Everyone associated with our sport knows that," she said.

"There have been incidents in the past — and it's possible that there will be incidents in the future — which did not (and will not) result in the cancellation of an event.

"However, current circumstances are very unusual and troubling, and we have decided that the elevated risk during this season's Margaret River Pro has crossed the threshold for what is acceptable.

"If we decided to continue the event under the current circumstances, and something terrible were to take place, we would never forgive ourselves."

Ms Goldschmidt said the presence of beached whales in the area had attracted sharks and contributed to the aggression of their behaviour, increasing the possibility of further attacks.

An examination of the victims' surfboards has revealed a great white shark was involved in both attacks, although it is not clear if the same shark was responsible.

Shark attack victim Alejandro Travaglini bodysurfed to shore after he was mauled by a suspected white pointer. ( Supplied: Peter Jovic )

The marks on Mr Travaligni's board were not sufficient to determine the size of the shark that attacked him, but those on Mr Longrass's board suggest he was attacked by a shark between 3.6m and 4.2m in size.



Future of event may be in jeopardy

Ms Goldschmidt acknowledged the decision would have commercial consequences for the WSL and the Margaret River community, but promised the tour would not abandon the WA event.

The World Surf League event has drawn big crowds at Margaret River. ( ABC News: Anthony Pancia )

"We are not giving up yet on somehow completing both men's and women's competition this year, and will communicate our thoughts on that when we know more," she said.

"Margaret River is a special venue, with incredible partners.

"It has produced many memorable moments over the years, and at the moment we have no plans not to return in the future."

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But the shark scares are sure to play against hopes of the Margaret River Pro earning a new deal to stay on the elite WSL tour.

The event has one more year left on its current deal and its long-term future was under threat even before this week.

WSL organisers said there was a chance the remainder of the event could be run later this year at a yet-to-be decided location.

WA Tourism Minister Paul Papalia said he was disappointed but supported the decision, and said organisers had assured the State Government they would return next year.

He said the Government expected to recover the cost of its sponsorship of the event through insurance.

ABC/AAP