Euro banknotes in circulation rise as Europeans keep emergency cash ready amid crisis fears

The European Central Bank (ECB) says the growing amount of cash being held, despite its declining use in daily transactions. (Representational photo) Despite the widespread use of contactless payments and smartphones across Europe, people are keeping more physical cash. The value of euro banknotes in circulation has increased sharply in recent years, as fears over war, cyber-attacks and other emergencies grow.According to European Central Bank (ECB) data, as reported by The Guardian, the total value of euro banknotes in circulation increased from about €1 trillion in 2016 to €1.6 trillion in June 2026. The number of notes has also increased, with more than 31 billion banknotes now in circulation.The increase comes at a time when cash is used less often for everyday purchases in many European cities. Contactless cards, mobile phones and other digital payment methods have become common. However, people are now keeping cash because they are worried about situations in which digital payment systems may not work.Those concerns include wars, wildfires, floods, storms and cyber-attacks. In such situations, people may not be able to depend on online banking, mobile apps or contactless paym...