EU cash holdings rise as wars, wildfires and cyber threats spur emergency hoarding

At a conference in Ireland, ECB chief economist Philip Lane reported that the euro zone’s banknote stock climbed to roughly €1.6 billion in June 2026, a rise from €1 billion in 2016, even as everyday transactions shift toward contactless methods. The increase is attributed to growing public unease about geopolitical conflicts, devastating wildfires in France and Spain, and cyber-attacks like the one that halted Marks & Spencer’s online sales.

EU guidance now urges citizens to maintain cash reserves sufficient for three days of essentials, with nations such as Austria, Finland, Germany, Sweden and the Netherlands suggesting €70-€100 per household. Olive McCarthy of University College Cork emphasized that cash should not be treated merely as a contingency, noting its importance for privacy, inclusion of vulnerable groups, and financial education. The ECB described cash as a vital component of national crisis preparedness and called for legislation to preserve ATM networks across high streets. The most common denominations in circulation are the €50 and €100 notes.