EU needs €500 billion in defense investments over next 10 years - von der Leyen
Photo: European Commission President Ursula von der Leyen (Getty Images)
The European Union needs €500 billion in defense investments over the next decade, according to Politico.
The agency notes that it is unclear whether this figure includes funds for continuing military aid to Ukraine.
Von der Leyen emphasized that from 1999 to 2021, before Russia's full-scale invasion of Ukraine, the EU increased defense spending by 20%, China by 600%, and Russia by 300%.
Sources of the agency mentioned that this was before Russia massively increased its spending over the past two years.
According to one government official, at today's prices, the EU will be short of €400 billion. The question is how to finance €500 billion.
Calls for the increase of EU defense spending
Recently, Spanish Prime Minister Pedro Sánchez firmly stated the need to increase investments in the EU's defense industry in the face of Russian aggression. Specifically, to strengthen deterrence capabilities and bring the sector's industry to a level that matches the European economy.
Danish Prime Minister Mette Frederiksen also mentioned that Europe must limit social welfare spending and cut taxes to counter a more aggressive Russia through sustained increases in defense and security funding.
Additionally, European Commission President Ursula von der Leyen said that the European Union must do more for defense, replenish, and modernize its weapons. The EU must also continue to support Ukraine.
