Anxiety over war, wildfires and cyber-attacks leads to growth in cash stocks in EU
Value of banknotes in circulation rises from €1bn in 2016 to €1.6bn in 2026 as people advised to keep stash of cash
TL;DR
- The total stock of banknotes in circulation within the EU is increasing, despite a decrease in their use for daily transactions.
- Factors contributing to this rise include anxiety over wars, potential cyber-attacks, and a need for emergency cash reserves, especially after events like wildfires.
- Several EU countries recommend citizens keep between €70 and €100 per household for 72-hour emergencies.
- Cash is considered vital for financial inclusion, serving the elderly, vulnerable citizens, and victims of domestic abuse.
- The European Central Bank (ECB) views cash as a critical part of national crisis preparedness.
- There is a push for legislation to ensure the continued availability of cash machines across the EU.
- Concerns exist that if cash is not used regularly, it may become difficult to access during crises.