EU households should keep emergency cash at home, a European Central Bank study has suggested, arguing that banknotes remain a vital safeguard when digital systems fail.

The ECB paper published on Wednesday raises the case for more national governments to consider introducing guidance similar to the Netherlands, Austria and Finland, which advise households to hoard between €70 and €100 per person.

The study follows the European Commission’s call this year for citizens to stockpile sufficient cash, food, water and medicine to survive 72 hours of disrupted services. The war in Ukraine, the Covid-19 pandemic and natural disasters such as wildfires and floods have exposed Europe’s vulnerabilities and triggered an increase in spending on security and defence.