FRANKFURT (HRNW) – German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine.
The plans include the Bundesbank, Germany’s central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said.
Officials and banks are also looking at distribution, discussing for example priority fuel access for cash transporters, said others, commenting on preparations that accelerated in recent weeks after Russia throttled gas supplies.
The planning discussions involve the central bank, its financial market regulator BaFin, and multiple financial industry associations, said the people, some of whom spoke on condition of anonymity about plans that are private and in flux.
Although German authorities have publicly played down the likelihood of a blackout, the discussions show both how seriously they take the threat and how they struggle to prepare for potential crippling power outages caused by soaring energy costs or even sabotage.