The threats emanating from Russia - both in connection with the war in Ukraine, but also due to cyberattacks and the vicious practice of interfering in foreign elections - are a cause for concern and recommendations for citizens to keep enough cash at home instead of in banks.
Cash for at least a week
In Sweden, households received brochures in November with information on the correct behavior "in case of crises and wars". They also include advice to keep cash at home for at least a week. And in case of evacuation, one should have enough cash, explains the brochure, which is written about by “Frankfurter Rundschau”.
The Norwegian government warned back in the spring: “If you rely solely on digital payments, this increases the vulnerability of society and in certain situations can contribute to the disruption of important public functions". For example, “prolonged power outages, system outages or digital attacks against payment systems and banks" can lead to a breakdown in the digital use of accounts.
Consumers in Norway therefore have the legal right to pay in cash, for example for retail purchases or for services such as cinemas, restaurants or hotels. An upper limit of 20,000 Norwegian kroner (about 1,700 euros) has also been set.
Preventive measures also in the Netherlands
Now the Dutch Banking Association has also come out with the recommendation to keep cash reserves at home. As a spokesperson for the association said, this is related to geopolitical threats. This is the first time that banks have come out with such advice, emphasizes “Frankfurter Rundschau” and reminds that at his annual press conference Putin threatened a curious “missile race”.
Dutch Defense Minister Ruben Brekelmans told the media that society should prepare for all possible military scenarios. “If Russia wants to attack us, it will attack our electricity grid or water supply.”
At the same time, it was emphasized that no one should panic, but it is possible that the Internet, electricity and water will stop. In addition, the Dutch should keep in mind that "electronic payments will not work for a while - so you should always have some cash at home".
As ZDF writes, since the recommendation was made, there has been an increase in cash withdrawals - by approximately ten percent. At the same time, Dutch people surveyed by the publication say that in this situation they are starting to fear thieves more. Therefore, the Dutch Association of Insurers in turn recommends that everyone check their home insurance - since cash is only insured up to a certain amount.
Germans keep an average of 1,364 euros at home
Such recommendations have not been made in Germany so far, writes “Frankfurter Rundschau”. The advice from the Federal Office for Civil Protection and Disaster Relief only says that "there should be enough cash at home if the ATMs are not working due to a power outage."
A representative survey from 2018 shows that private individuals in Germany then kept an average of 1,364 euros at home. And an average of 107 euros in their wallets.
Bilyana Mihaylova (editor)