To put this in perspective, if we compare issuance volumes in the spring of 2020 with the average volumes of the previous five years, up to 4% more euros were issued. The second phase of lockdowns triggered likewise strong banknote demand, with the difference from the expected growth path rising further to 8% by the end of 2020 (Chart 3).
Chart 3 Total value of banknote circulation in 2020 compared with the previous five (non-crisis) years (2015-19) (index, January=1)  Source: ECB. One possible explanation for this apparent paradox – increasing demand for banknotes while cash payments decline – is that during the crisis people turned to cash as a tool to manage uncertainty.