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Cash in EU grows as residents prepare for war, wildfires and outages
ECB data shows the value of euro banknotes in circulation rose from about €1.0 billion in 2016 to €1.6 billion as of June 2026, even as cash is less used in day to day transactions.
People across the European Union have been encouraged to keep a crisis pack that includes cash, as concerns over war, wildfires and cyber-attacks are linked to a rise in emergency banknote stockpiles, according to the Guardian Business.
At a conference in Ireland, Philip Lane, the European Central Bank chief economist, said that while the number of notes used in individual transactions can fall, the overall stock of banknotes continues to grow.
ECB data tracked since 2002 shows the value of banknotes in circulation increased from roughly €1.0 billion in 2016 to €1.6 billion by June 2026. The article also cites that the number of notes in circulation is above 31 million, compared with 24 million before the pandemic in 2019.
The report says the €50 note was the most popular in 2025, and it highlights that several EU countries, including Austria, Finland, Germany, Sweden and the Netherlands, have recommended households keep between €70 and €100, enough to cover essentials for 72 hours if online and mobile payments fail. It also points to a UK cyber-attack that affected Marks and Spencer’s ability to take online orders for weeks.