The increasing penetration of power-electronicinterfaced devices is expected to have a signiﬁcant effect on the overall system inertia and a crucial impact on the system dynamics. In the future, the reduction of inertia will have drastic consequences on protection and real-time control and will play a crucial role in the system operation. Therefore, in a highly deregulated and uncertain environment, it is necessary for Transmission System Operators to be able to monitor the system inertia in real time. We address this problem by developing and validating an online inertia estimation algorithm. The estimator is derived using the recently proposed dynamic regressor and mixing procedure. The performance of the estimator is demonstrated via several test cases using the 1013-machine ENTSO-E dynamic model.