Following the triumph of post-fossil technologies, the demand for critical raw materials in the form of rare metals will increase dramatically in the coming years. From the perspective of Europe, dependence on these raw materials poses a host of new risks. The European Union (EU) is under pressure to respond to this challenge with a coherent strategy. This article identifies areas for European action and assesses their strategic potential. Measures to diversify procurement sources and promote raw material recycling are indispensable. Building up reserves of raw materials can be a sensible complementary option for the short term. In contrast, massive state support for domestic mining activities would be associated with high risks and the danger of despecialization.