Europe Urges Households: Keep Cash and Emergency Kits for Crises
European authorities are advising households to keep cash at home and prepare emergency kits, highlighting the importance of crisis preparedness. Finland's former president, Sauli Niinistö, has recommended emergency measures, while the European Central Bank (ECB) under Christine Lagarde suggests keeping between 70€ and 100€ in cash at home to cover basic needs for about three days in case of severe instability.
The ECB's study, 'Keep calm and carry cash', found that cash use increases during crises. The ECB encourages governments and banks to prepare for sudden cash demand spikes. Scandinavian countries like Finland, Sweden, and Denmark are at the forefront of encouraging household crisis preparation. The French government suggests preparing a 72-hour emergency kit including water, food, and IDs. Similarly, the European Commission advises stockpiling 72 hours' worth of food, water, and medicine for crises.
European authorities are urging households to be prepared for potential crises. Keeping cash at home and having an emergency kit can ensure essential needs are met for up to 72 hours. These recommendations aim to promote self-sufficiency and resilience in the face of unexpected events.
