The European Union plans to dramatically ramp up defence spending, mobilizing €800 billion ($868 billion) over the next four years, including €150 billion in loans for arms projects and exemptions from EU debt rules for defence investments.
At a summit in Brussels on Thursday, EU leaders agreed to take all necessary steps to strengthen Europe’s defence readiness by 2030, according to several delegations.
The effort is also intended to boost military support for Ukraine as it continues to resist Russia’s invasion.
The sharp increase in defence spending comes amid growing concern within the European Commission that the EU must urgently prepare for the risk of large-scale conflict with Russia.
In a paper presented ahead of the summit, the commission warned that history would not forgive European leaders for failing to act. If Russia succeeds in Ukraine, it argued, Moscow is likely to pursue further territorial ambitions, potentially by 2030.
Ukraine’s President Volodymyr Zelensky speaks via a video conference during the EU summit at the European Council headquarters in Brussels. Alexandros Michailidis/EU Council/dpa
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