Despite the fact that I have tons of mail, the All Inboxes page today displays five messages only. Whereas when looking into the individual mailboxes the problem is eliminated.
I've tried restarting and quitting the mail app but nothing worked out.
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Reset the email account within the Mail App
Go to Settings > Passwords & Accounts > Accounts
Select the mail account that shows the incorrect unread mail notifications
Toggle OFF “Mail” to disable it. This action does not delete your account
Exit Settings by returning to your Home Screen
Close the Mail app by swiping up your Gesture Bar or by pressing the Home button twice. Locate the Mail app preview and swipe up to close it
Now once again go to Settings > Passwords & Accounts > Accounts
Toggle ON Mail to enable it.
Check to see if your mail app is now showing the correct unread email counts.