EU Banknotes in Circulation Rise to €1.6bn as War and Cyber Fears Spur Cash Hoarding
Updated
Updated · The Guardian · Aug 21
EU Banknotes in Circulation Rise to €1.6bn as War and Cyber Fears Spur Cash Hoarding
3 articles · Updated · The Guardian · Aug 21
Summary
ECB data show euro banknotes in circulation climbed to €1.6bn in June 2026 from about €1bn in 2016, even as cash use in everyday transactions keeps falling.
31 million notes are now in circulation versus 24 million before the pandemic, with economists linking the buildup to households keeping emergency cash against war, wildfires and cyber-attacks.
€50 notes were the most popular in 2025, and countries including Germany, the Netherlands and Sweden already advise households to keep €70-€100 for 72 hours if digital payments fail.
Philip Lane said the trend strengthens the case for EU legislation to preserve cash-machine networks, while academics warned that if cash becomes only a backup, it may be harder to use in crises.