European Central Bank advises keeping cash against crisis scenarios
The European Central Bank has asked citizens to keep cash at home per person against the risk of digital payment systems failing during potential crises.
The European Central Bank called on citizens to keep 70 to 100 euros in cash per person, pointing out that access to digital payment systems may be disrupted in crisis situations such as potential wars, cyberattacks, and power outages.
Warning on Physical Cash Against Crisis Scenarios
The European Central Bank drew attention to potential problems that may occur in accessing bank accounts and digital payment systems during crisis scenarios such as wars, cyberattacks, power outages, and technical failures.
Recommended Cash Amount Per Person
In the published report, it was stated that physical cash could provide a critical safeguard if digital systems become deactivated, and it was recommended to keep 70 to 100 euros in cash per person.
Safeguard for Three Days of Basic Needs
Prepared by utilizing recommendations from authorities in Austria, Finland, and the Netherlands, the report stated that this amount could help meet basic needs during the approximately three-day period expected for the resolution of financial or technical system failures.
Example of Past Crises and Power Outages
In the ECB's assessment, events such as the COVID-19 pandemic, the war in Ukraine, and the widespread power outage experienced in the Iberian Peninsula were addressed, recalling that card usage dropped during the outage in Spain.
Withdrawing All Money from the Bank is Not Advised
The report does not contain any recommendation for citizens to withdraw all their money from the bank and keep it at home; instead, it is suggested that accounts be supported with emergency cash.