The European Central Bank reports a growing stock of banknotes in circulation, a trend linked to anxieties over wars, cyber-attacks, and catastrophic wildfires. While EU residents are advised to stockpile cash for emergencies, this focus on national preparedness starkly contrasts with the precarious reality faced by those fleeing the very crises driving this anxiety. Philip Lane, the chief economist of the European Central Bank, noted that despite the rise of contactless payments in many European cities, the total stock of banknotes continues to increase. "The total stock of banknotes is continuing to grow," Lane stated, highlighting a paradox where transactional use declines but overall holdings rise.
Crisis Preparedness for the Privileged
In 2025, EU residents received advice to prepare for potential emergencies, including this summer’s devastating wildfires in France and Spain, floods, storms, and cyber-attacks. This guidance encouraged households to assemble a crisis pack containing essentials like bottled water, canned food, and cash, sufficient for 72 hours. Last year, a sustained cyber-attack on Marks & Spencer in the UK demonstrated the vulnerability of digital systems, halting online orders for weeks. Such incidents fuel the demand for physical currency as a backup, reinforcing a system designed to protect those already within the borders of Fortress Europe.
ECB data, tracking banknotes since 2002, reveals a significant increase. The stock has grown from approximately €1 billion in 2016 to €1.6 billion by June 2026. Over 31 million notes are now in circulation, compared to 24 million just before the pandemic in 2019. The €50 note was the most popular in 2025, followed by the €100. Countries including Austria, Finland, Germany, Sweden, and the Netherlands have already recommended that citizens keep between €70 and €100 per household, ensuring they can cover basic needs if digital payment systems fail. This emphasis on national citizens' financial resilience underscores the selective nature of crisis preparedness within the European Union.
The Digital Divide and Border Exclusion
Olive McCarthy, a professor at University College Cork with an interest in financial inclusion, stressed the societal importance of continued cash use. She argued that while advice to maintain cash for emergencies is sound, it isn't to be seen merely as a backup. "If we stop using it when there isn’t a crisis, it might not be easy to use it when there is," McCarthy warned. She highlighted cash's "inclusive" nature, making it accessible to elderly and vulnerable citizens, including victims of domestic abuse who might rely on cash if their partners control their spending. Cash also serves as a tool for children's financial literacy.
However, this discourse on inclusion often overlooks those systematically excluded by Europe's border regime. While EU citizens are encouraged to maintain privacy and convenience through cash, migrants and asylum seekers frequently face biometric surveillance and digital exclusion, their movements tracked and their access to resources controlled. The ECB describes cash as a "critical part of national crisis preparedness," a framing that implicitly prioritises the security of member state populations over the millions displaced by the very global instabilities that prompt this stockpiling. Lane also referenced the need for legislation to ensure ATM networks remain accessible across the EU, further solidifying a financial infrastructure primarily serving those with established residency. The growing stock of cash, therefore, represents a bulwark against uncertainty for some, while for others, the uncertainty is compounded by the criminalisation of their movement and the denial of basic financial access.