It doesn't cost any more to store bits or paper in Europe now than it did when interest rates were positive. The "storage costs" metaphor as a justification for negative interest rates is a whopping falsehood.
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I believe there is the cost to store. It's not the physical cost, it's the inventory cost of having them.
Those cost are small and haven't changed. They aren't the reason for negative interest rates.
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I tried to mean opportunity costs.
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