“Europe will need to increase spending to $720 billion a year.”, — write: www.unian.ua
Europe will need to increase spending to $720 billion a year.
Europe will need to significantly increase defense spending / UNIAN collage, photo ua.depositphotos.comKey European countries may need to double defense spending to respond to Russian aggression in Ukraine, as well as a possible reduction in American support under Donald Trump’s presidency.According to a Bloomberg Intelligence report, the 15 largest European NATO members may have to increase their military investment by $340 billion a year to $720 billion.
“Russian aggression has already accelerated the growth of defense spending in Europe,” Bloomberg Intelligence analyst George Ferguson writes. “However, more may be needed to support Ukraine, counter Moscow’s aggressive regional stance, and resolve deepening strategic competition with China.”
According to the report, Europe urgently needs battle tanks, artillery pieces and infantry fighting vehicles for ground forces, as well as support aircraft such as refueling, cargo and submarine chasers.
Analysts also cited Leonardo SpA, Airbus SE, BAE Systems Plc and Rolls Royce Holdings Plc as likely to benefit from increased spending.
“After decades of underinvestment since the end of the Cold War, rearmament on this scale could take more than 10 years on the continent as contractor backlogs grow and aerospace and defense supply chains are already stretched,” Bloomberg writes.
It is noted that the defense industrial base of the region will probably not be able to provide everything necessary in the short and medium term.
“Europeans may have to reconsider some of their spending priorities as many of their budgets are already in doubt, but the scale of the threat is such that they cannot ignore it,” Ferguson said.
Europe is waiting for Trump to take officeUkraine’s European allies are concerned that support for Kyiv may change after new US President Donald Trump takes office. As CNN writes, many leaders still do not understand how the new US president will act.
Estonian Foreign Minister Margus Tsahna also said that Europe should be ready to send military forces to Ukraine to support any peace agreement that may be concluded by the newly elected US President Donald Trump between Kyiv and Moscow.
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