The EU is preparing for defense investment of 500 billion euros over 10 years: statement by Ursula von der Leyen
Date: 2024-06-27 Author: Nazar Litvin Categories: WORLD
European Commission President Ursula von der Leyen announced plans for the European Union to invest €500 billion in the defense sector over the next 10 years. The move is intended to strengthen the EU's defense preparedness in the face of growing global threats.
From 1999 to 2021, EU defense spending increased by 20 percent, but China and Russia increased their military spending by 600 and 300 percent respectively over the same period. This is a reminder of the need for increased investment to maintain the security of the region.
Funding and challenges
Von der Leyen stressed that the EU's current plans face financial challenges, especially given the increase in Russian spending following the events of recent years. One official pointed to a potential shortfall of 400 billion euros at today's prices, underscoring the need to find efficient sources of financing for the planned 500 billion euros.
As part of recent developments, Ukraine is strengthening its relations with the European Union by signing security agreements with Lithuania, Estonia and the European Union. These measures are aimed at strengthening security and supporting Ukraine in the face of geopolitical challenges.
Financial support from Ukraine
Ukraine has also received a significant tranche of funding from the EU amounting to almost €2 billion, which will be the first of a series of quarterly payments under the support programme. This confirms the EU's commitment to supporting the country in the current geopolitical situation.
The European Union's €500 billion defense investment is an important step to strengthen its defense preparedness and support allies in the region. Cooperation with Ukraine and further financial support reflect the EU's strategic vision to ensure security and stability in Europe and beyond.
From 1999 to 2021, EU defense spending increased by 20 percent, but China and Russia increased their military spending by 600 and 300 percent respectively over the same period. This is a reminder of the need for increased investment to maintain the security of the region.
Funding and challenges
Von der Leyen stressed that the EU's current plans face financial challenges, especially given the increase in Russian spending following the events of recent years. One official pointed to a potential shortfall of 400 billion euros at today's prices, underscoring the need to find efficient sources of financing for the planned 500 billion euros.
As part of recent developments, Ukraine is strengthening its relations with the European Union by signing security agreements with Lithuania, Estonia and the European Union. These measures are aimed at strengthening security and supporting Ukraine in the face of geopolitical challenges.
Financial support from Ukraine
Ukraine has also received a significant tranche of funding from the EU amounting to almost €2 billion, which will be the first of a series of quarterly payments under the support programme. This confirms the EU's commitment to supporting the country in the current geopolitical situation.
The European Union's €500 billion defense investment is an important step to strengthen its defense preparedness and support allies in the region. Cooperation with Ukraine and further financial support reflect the EU's strategic vision to ensure security and stability in Europe and beyond.
