In this article, we study the homogenization limit of a family of solutions to the incompressible 2D Euler equations in the exterior of a family of n k disjoint disks with centers {z k i } and radii ε k . We assume that the initial velocities u k 0 are smooth, divergence-free, tangent to the boundary and that they vanish at infinity. We allow, but we do not require, n k → ∞, and we assume ε k → 0 as k → ∞.Let γ k i be the circulation of u k 0 around the circle {|x − z k i | = ε k }. We prove that the homogenization limit retains information on the circulations as a time-independent coefficient. More precisely, we assume that: (1) ω k 0 = curl u k 0 has a uniform compact support and converges weakly in L p 0 , for someand (3) the radii ε k are sufficiently small. Then the corresponding solutions u k converge strongly to a weak solution u of a modified Euler system in the full plane. This modified Euler system is given, in vorticity formulation, by an active scalar transport equation for the quantity ω = curl u, with initial data ω0, where the transporting velocity field is generated from ω so that its curl is ω + µ. As a byproduct, we obtain a new existence result for this modified Euler system.Date: September 26, 2018.