Overview

• In a note titled “Restez calme et gardez du cash,” the European Central Bank advises keeping roughly €70–€100 per person at home to cover essential needs for about three days.
• ECB economists cite a surge of more than €140 billion in banknote demand at the start of COVID-19 and elevated issuance near Ukraine in 2022 as signs of precautionary hoarding.
• The April 28 Spain blackout made digital payments unusable in affected areas, leaving cash as the only workable option and prompting a spike in withdrawals where ATMs functioned.
• Authors Francesca Faella and Alejandro Zamora-Pérez say cash’s offline reliability and tangibility become especially valuable when economic or infrastructure stability is at risk.
• The ECB calls on authorities and banks to bolster cash-supply resilience with strategic reserves and robust ATM networks, noting Finland’s study of machines that operate during digital outages even as everyday cash use declines.