The hydrogen economy is one of the possible directions of development for the European Union economy, which in the perspective of 2050, can ensure climate neutrality for the member states. The use of hydrogen in the economy on a larger scale requires the creation of a storage system. Due to the necessary volumes, the best sites for storage are geological structures (salt caverns, oil and gas deposits or aquifers). This article presents an analysis of prospects for large-scale underground hydrogen storage in geological structures. The political conditions for the implementation of the hydrogen economy in the EU Member States were analysed. The European Commission in its documents (e.g., Green Deal) indicates hydrogen as one of the important elements enabling the implementation of a climate-neutral economy. From the perspective of 2050, the analysis of changes and the forecast of energy consumption in the EU indicate an increase in electricity consumption. The expected increase in the production of energy from renewable sources may contribute to an increase in the production of hydrogen and its role in the economy. From the perspective of 2050, discussed gas should replace natural gas in the chemical, metallurgical and transport industries. In the longer term, the same process will also be observed in the aviation and maritime sectors. Growing charges for CO2 emissions will also contribute to the development of underground hydrogen storage technology. Geological conditions, especially wide-spread aquifers and salt deposits allow the development of underground hydrogen storage in Europe.