"As a result, the ECB has suggested storing some extra banknotes at home just in case electronic payment systems fail. In other words, most people across Europe are used to paying with their bank cards or via telephone apps but if these fail in a crisis, then the cash will be vital, the bank says. 'Enough to cover needs for 72 hours' The ECB says having cash at home can protect you from electronic payment system failure, which has happened in the past."
"In the event of a major power outage such as the one in Spain last April, a massive cyberattack or a pandemic, cash provides a "low-cost safeguard against major systemic instability," the document states. For example, the study cites that authorities in the Netherlands, Austria and Finland suggest keeping approximately €70 to €100 per person at home or "enough to cover essential needs for about 72 hours"."
An ECB study titled "Keep calm and carry cash" examines the role of cash during recent European crises. Use and demand for cash rose in financial, military, and public-health emergencies. Sudden crises triggered immediate surges in cash acquisition by the public. The ECB recommends storing extra banknotes at home as a safeguard against electronic payment system failures. Cash can maintain basic transactions during power outages, cyberattacks, or pandemics. Authorities in the Netherlands, Austria and Finland suggest keeping around €70–€100 per person or enough to cover essential needs for about 72 hours. Physical currency contributes to broader systemic resilience and national crisis preparedness.
Read at The Local Germany
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