EU Banknotes in Circulation Climb to €1.6 Trillion as War and Cyber Fears Spur Cash Hoarding
Updated
Updated · The Guardian · Aug 22
EU Banknotes in Circulation Climb to €1.6 Trillion as War and Cyber Fears Spur Cash Hoarding
3 articles · Updated · The Guardian · Aug 22
Summary
€1.6 trillion in EU banknotes was in circulation in June 2026, with more than 31 billion notes outstanding even as cash use in everyday transactions keeps falling.
ECB chief economist Philip Lane said the rise reflects households holding emergency cash as wars, wildfires and cyber-attack risks raise fears that card, mobile and online payments could fail.
EU crisis guidance in 2025 urged residents to keep 72 hours of essentials, including cash, while countries such as Germany, the Netherlands and Austria have recommended roughly €70-€100 per household.
The ECB calls the trend a cash "paradox" and says legislation may be needed to preserve ATM networks, as officials and academics argue regular cash use remains vital for crisis readiness and vulnerable groups.