Emergency cash concerns drive rise in euro banknotes despite digital payments
Circulation of euro banknotes in the EU is rising as more people keep emergency cash, despite the growing use of smartphone payments.
Key Takeaways
AINew data shows that the number of euro banknotes in circulation across the European Union continues to rise, despite the widespread adoption of smartphone payments. This trend is fueled by growing demand for 'emergency cash' amid wildfires that swept parts of Europe this summer.
According to the UK’s Guardian newspaper, European Central Bank chief economist Philip Lane said that while cash is being used less for daily transactions, the total amount of banknotes in circulation is increasing. Experts link this trend to rising concerns over wars and cyberattacks that could disrupt electronic payment systems.
Last year, UK retailer Marks & Spencer suffered a major cyberattack that disrupted its online orders for weeks. In 2025, EU residents were advised to keep enough supplies for 72 hours, including cash, in preparation for wildfires, floods, storms, or cyberattacks.
European Central Bank data shows the value of banknotes in circulation rose from about 1 trillion euros in 2016 to 1.6 trillion euros by June 2026. The number of notes increased from 24 million in 2019 to 31 million, with the €50 note being the most widely used in 2025, followed by the €100 note.
Countries such as Germany, Austria, Finland, Sweden, and the Netherlands recommend that households keep between €70 and €100 in cash for emergencies.