""The onset of sudden crises such as the 2008 financial turmoil, the 2014-15 sovereign debt crisis in Greece, the outbreak of the COVID-19 pandemic or Russia's unjustified full-scale invasion of Ukraine in 2022 triggered immediate and extreme surges in cash acquisition by the public,""
"'Enough to cover needs for 72 hours'"
""enough to cover essential needs for about 72 hours""
""This aligns with the understanding that physical currency not only serves to meet individual needs but also contributes to broader systemic resilience,""
The ECB recommends storing about €70–€100 per person at home to cover roughly 72 hours of essential needs if electronic payments fail. Cash demand surged during major crises, including the 2008 financial turmoil, the 2014–15 Greek sovereign debt crisis, the COVID-19 pandemic, and Russia's 2022 invasion of Ukraine. Cash can protect households during power outages, large-scale cyberattacks, and pandemics by providing a low-cost safeguard against systemic instability. Authorities in the Netherlands, Austria and Finland suggest similar reserves. Cash is a critical component of national crisis preparedness and governments and banks should ensure access to physical currency.
Read at www.thelocal.com
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