How to create dynamic terrain?

I want to create an element in my game where a boss has a skill that allows him to smash the ground, creating a shockwave that will launch the player into the air. When he does this, I want the ground to sink directly where he’s standing and the area around him to briefly rise and form sort of a ring around him. That ring will then expand outward, creating a ripple effect. Is there a way to do this in Unreal?