The value of banknotes in the EU has increased from €1tn in 2016 to €1.6tn in 2026, driven by concerns over cyber-attacks, wildfires, and other emergencies.
The number of banknotes in circulation in the EU has increased despite the rise of smartphone payments, according to data from the European Central Bank (ECB). The value of cash in circulation has grown from €1tn in 2016 to €1.6tn in 2026, with factors such as wildfires, cyber-attacks, and geopolitical tensions contributing to the trend. Experts suggest that anxiety over the reliability of digital payment systems has led more people to keep cash on hand as a precaution.
European countries have advised households to maintain emergency cash reserves, with recommendations ranging from €70 to €100 per household. The ECB highlights the importance of cash in crisis preparedness, noting that while its use for daily transactions has declined, its role as a backup during emergencies has increased. The ECB also emphasizes the need to maintain access to cash machines across the EU.
Why it matters
Higher cash circulation indicates public preference for tangible assets during uncertainty.
This section reflects Dumpling editorial interpretation and is provided for context only.
What to watch
Watch whether cash demand continues to grow amid ongoing crises.
This section reflects Dumpling editorial interpretation and is provided for context only.