As said previously, they used to use these, but having an induction loop means you can never have an MRI as this would superheat the coil. I'd rather have the option of an MRI should I need it, and a daycase procedure to change my batteries.
You also don't have to short it. Leaving it open circuit with a charging circuit that can withstand large voltages is a much better bet.
Drop a magnet down through a copper or aluminum tube for a demonstration of the effect. (The induced current creates a magnetic field that opposes the magnet, slowing the fall.)