(VOVWORLD) -The European Defence Agency (EDA) announced on Tuesday that the European Union’s defense spending is projected to reach a record 443 billion USD in 2025 as member states significantly increase their defense budgets.
 European Commission headquarters in Brussels, Belgium. (Photo: VNA) |
According to the EDA, 151 billion USD of this year’s total budget is allocated to new weapons systems. European countries have been ramping up defense expenditures since Russia launched its military campaign in Ukraine in 2022.
According to EDA Executive Director André Denk, “Meeting the new NATO target of 3.5 percent of GDP will require even more effort, spending a total of more than 732 billion USD a year.”
The European Commission said the EU’s 174 billion USD loan package, designed to help member states boost their defense budgets, has already been fully subscribed, with 19 of 27 member countries applying for funds. The SAFE (Security Action For Europe) mechanism allows countries to borrow at low interest rates, backed by the EU’s central budget.