European Central Bank recommends keeping €70 - €100 in cash at home
Demand for physical cash increases during ‘major systemic instability’
People in Europe are advised to keep up to €100 in emergency cash
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European citizens should keep €70 - €100 in cash in case “major systemic instability” causes electronic payments to become unavailable, stated the European Central Bank (ECB).
Members of the public should always keep enough cash at home “to cover essential needs for about 72 hours”, said a study titled Keep calm and carry cash, published on the ECB website on September 24.
The study lists countries such as the Netherlands, Austria and Finland, where authorities have recommended an amount of between €70 and €100 per person.
Demand for banknotes tends to peak during times of crisis, despite digital payments generally growing in popularity.
The ECB analysed four major crisis episodes - the Covid-19 pandemic, Russia’s invasion of Ukraine, the April 2025 Iberian blackout and the sovereign debt crisis in Greece - “to test the robustness of the role of cash as a critical contingency instrument.”
The impact of major crises on cash withdrawls
The outbreak of Covid-19 triggered “an extraordinary and sustained increase in the demand for euro banknotes, illustrating the critical role of cash during prolonged uncertainty,” reads the report.
The cumulative net banknote issuance in the euro area increased by more than 130% to over €140 billion by the end of 2020.
ATM use plummeted during the power cut in Spain earlier this year “owing to operational constraints”, however cash withdrawals spiked the day after the blackout when electronic payments were made possible.
“People were probably relying on cash from their personal holdings,” said the ECB. “The spike on the day after the blackout reflected a combination of a “restocking” effect, as individuals sought to replenish their cash holdings after using them, and a possible increase in precautionary reserves.”
Recommended provisions in the event of crisis
The European Commission (EC) also issued the preparedness union strategy in March, including the intention of developing guidelines to “reach a population self-sufficiency of minimum 72 hours.”
The EC stated that it is preparing for the impacts of crises such as climate change disasters, cyber attacks and geopolitical conflicts.
In a video posted on social media, Hadja Lahbib, the European commissioner in charge of
Preparedness and Crisis Management, explains the recommended items for “surviving the first 72 hours of a crisis”.
Items include food, water, a torch, matches or a lighter, a Swiss army knife, a charger and power bank, a radio, cash, medication, and printed identity documents.
