In a notable development, the European Union witnessed a historic surge in military spending, reaching a staggering €240 billion in 2022. This substantial increase, marking the eighth consecutive year of growth within the bloc, reflects a 6% uptick from the previous year. The European Defense Agency (EDA) revealed these figures on Thursday, attributing the funding boost to the perceived Russian threat and the ongoing conflict in Ukraine.
Varied Landscape: Disparities in Military Spending Across EU States
While six out of the 27 EU countries experienced a surge of over 10% in military spending, Sweden stood out with an impressive rise of more than 30%, particularly as the nation anticipates NATO membership. However, France bucked the trend, registering a modest 0.7% increase in military spending for the year 2022.
Struggling to Meet NATO Targets: EU Falls Short on Defense Investment
Despite the record-setting military spending, the EU as a whole dedicated 1.5% of its gross domestic product (GDP) to the defense sector. This figure falls below the 2% target set by NATO, which encompasses 22 EU member states. The EDA reported an investment of €58 billion in the defense sector, underscoring the ongoing challenges in aligning with NATO’s financial objectives.
Gaps in Defensive Capacity: EU Acknowledges Shortcomings Amidst Increased Threats
While emphasizing the necessity for armed forces to be prepared for “more demanding times,” EU’s top diplomat Josep Borrell admitted to “significant gaps” in the bloc’s defensive capacity. Despite the substantial surge in military spending, the European defense industry faces limitations in meeting the escalating demand from Ukraine amidst the Russian invasion. European commitments to supply one million shells to Kyiv by March already appear challenging to achieve.
Contrasting Trends: Russia’s Ambitious Plans vs. EU’s Research and Development Dip
As the EU grapples with enhancing its defensive capabilities, Russia is planning a substantial 67% increase in military spending by 2024, representing around 30% of its GDP. However, the EU faces its own challenges, with spending on defense research and development decreasing by €200 million in 2022 compared to the previous year, settling at €3.5 billion. These contrasting trends underscore the complex landscape of military dynamics and strategic investments within and beyond the European Union.
SOURCE: Ref Image from Defense One
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