EU Cash Holdings Rise Amid Cyberattack Fears

The amount of cash in circulation across the European Union is increasing despite the growing popularity of digital payments. According to data from the European Central Bank, the overall stock of cash has been rising even as contactless payments replace cash for everyday purchases.

This trend is being driven by concerns over war and the risk of cyberattacks disrupting online payment systems. ECB chief economist Philip Lane notes that while cash use for transactions may be declining, the overall stock of banknotes continues to grow.

In 2025, households across the EU were advised to keep enough food, water, and essential supplies to last 72 hours in case of emergencies such as wildfires or cyberattacks. This advice included keeping an emergency kit containing cash, among other items.

The value of banknotes in circulation has risen from €1 billion in 2016 to €1.6 billion in June 2026. More than 31 million banknotes are now in circulation compared to 24 million before the pandemic in 2019. The ECB views cash as a critical element of national crisis preparedness.

Austria, Finland, Germany, Sweden, and the Netherlands have advised households to keep between €70 and €100 per household in cash, enough to cover essential purchases for 72 hours if online or mobile payment systems become unavailable.