This work presents a risk-targeted indicator called Municipal Expected Annual Loss (MEAL) for a quantitative estimation of the seismic risk at territorial level. With MEAL, it is possible to calculate the impact of earthquakes in terms of direct losses, taking account of a wide set of earthquake scenarios on the built environment at municipal level. MEAL is, therefore, able to summarize scenario loss values of each municipality, and define in such a way a risk-targeted metric that can clearly be understood also by different stakeholders dealing with seismic risk management, mitigation, and transfer. The use of MEAL to map seismic risk for the Italian residential building stock is herein presented as a case-study, leading to the development of several maps able to depict seismic risk at different territorial scale levels.