In this paper, the effect of shock-induced collapse of a single gas bubble on the transient fluid and solid response is numerically investigated. The jet-like bubble collapse and subsequent strong pressure loading on a nearby semiinfinite deformable solid structure are captured and simulated using a multiphase compressible hydrodynamic model. The objective is to understand the fluid-structure interaction mechanisms, including the effect of the compressibility of the solid medium on the bubble dynamics and shock wave propagation, and the effect of shock wave propagation on the transient stress distribution within the solid. Numerical results demonstrate that the bubble collapse can impart very high pressure pulses to the nearby structure, leading to very high stresses sustained by the solid. The solid can experience significant deformation, including yielding, depending on the local fluid conditions.