High impact low frequency events could lead to longlasting power outages and catastrophic grid failures. To limit the impact of such events, as the last resort, system operators might enforce emergency load curtailment. This emergency curtailment focusses mainly on system level load serving capacity i.e., necessary generation with reserve margin. As such the existing load curtailment policies employed by regional transmission operators have been identified to have key limitations as they do not take consumer fairness and system operational reliability impacts into consideration. This work proposes a two-stage framework that considers system operability and customer fairness in the computation of transmission node level load curtailment. In the first stage, the required system level load curtailment is allocated to each node through fairness-based load curtailment share ratio that considers the node level loading, impact to node voltage and equity. The second stage focuses on operational reliability of the curtailment share from stage 1 by reallocating to resolve any line loading violation. The effectiveness of the proposed framework is evaluated using the IEEE RTS 96 test system. The results highlight the importance of factoring both system operational impacts and consumer fairness in formulating emergency load curtailment policies. © 2025 IEEE.