The terrifying footage that saw Margaret River Pro cancelled

This is the crazy vision that led to the remainder of the Margaret River Pro being cancelled amid fears of shark attacks.

Two recreational surfers were mauled by sharks in separate incidents about 6km from the Pro's main event site on Monday.

Alejandro Travaglini, 37, needed surgery to both legs after he was mauled at Cobblestones beach in Gracetown, while Jason Longgrass, 41, walked to an ambulance after he was bitten on the leg at the nearby Lefthanders break.

The shocking footage above shows the moment Mr Longgrass was attacked, as a person on shore screams to the surfers to come in.

"Shark!" he can be heard yelling repeatedly as he films the shark thrashing around right next to Mr Longgrass.

You can see the jaw marks in Jason's board and the damage it did to his leg. Image: Channel 7

On Wednesday the remainder of the Margaret River Pro was cancelled and the future of the World Surf League event was thrown in jeopardy.

The World Surf League says the safety of surfers is a priority and they have therefore decided to cancel the rest of the competition.

"If we decided to continue the event under the current circumstances and something terrible were to take place, we would never forgive ourselves," WSL chief executive Sophie Goldschmidt said.

The WSL says at this stage, they don't have plans to abandon the event in future years.

The event has been cancelled. Image: Getty

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

The event has one more year left on its current deal.

However its long-term future was under threat even before this week.

One-time world champion Gabriel Medina expressed fears about re-entering the water following the shark attacks and current world No.1 Italo Ferreira echoed his sentiments.

The presence of beached whales in the area attracted sharks and contributed to their aggressive behaviour.

There were reports that as one of the whales was being towed out to sea, up to three sharks followed trying to feed off the carcass.

Just how the cancellation of the event affects world title points remains to be seen.

The women's event was up to the quarterfinal stage, while the men were about to enter round three.

WSL organisers say there is a chance the remainder of the event may be run later this year at a yet-to-be decided location.

Or if that can't be squeezed into the tour, then the WSL has an option of distributing points as they see fit.

with AAP