EU Cash Reserves Swell Amid War and Cyberattack Fears
The European Union has seen an increase in the number of banknotes in circulation, despite a rise in digital payments.
According to data from the European Central Bank (ECB), the value of banknotes in circulation has grown from 1,000 billion euros in 2016 to 1,600 billion euros in 2026.
This increase is attributed to fears related to wars and cyberattacks, which have led citizens to stockpile cash for emergency situations. In 2025, the ECB advised EU citizens to prepare for such scenarios by having cash reserves and essential products on hand.
Philip Lane, chief economist of the ECB, emphasized that although cash transactions are declining, the total stock of banknotes is increasing. McCarthy, a professor at University College Cork, highlighted the need to maintain ATM networks and ensure access to cash for all social categories.