Underground fluid injection and extraction is able to change pore fluid pressure at depth and make faults unstable, due to friction-force reduction, with an increased possibility of triggering earthquakes. Studying the local seismicity, down to microearthquakes, and stress field in areas where such activities are developed are essential steps to discriminate between natural and induced events. In this context, the moment magnitude (M W ) is a key-parameter to both evaluate the energy balance and the stress involved in earthquake rupture process and assess seismic hazard accurately. Here, we focus on the fast M W estimation of microearthquakes recorded around the underground gas storage of Collalto (Northeastern Italy) by a dedicated seismic monitoring network. The area of Montello-Collalto, where this industrial activity is carried out, is densely populated and characterized by relevant seismic hazard. We compute M W from the response spectra (SA) calculated at fixed periods (i.e., 1.0 and 0.3 s); we show that log (SA) and M W scale as 2/3 and extend our method to microseismicity by using response spectra at 0.1 s. We eventually estimate M W for 1659 events (0.4 ≤ M W ≤ 3.5) and find that M L and M W scale as 2/3 too. The discrepancy between these two magnitude scales affects both the Gutenberg-Richter parameters and completeness magnitude estimations; therefore, it has consequences when those quantities are used for physical interpretation. Our procedure shows to be efficient and suitable to be implemented within standard routine analyses of real-time monitoring and feed decision-making processes about plant management, such as the traffic light protocols.