The elected mayor of Heimarra and Member of the European Parliament of New Democracy will remain in prison until October…
![eda](https://defenceredefined.com.cy/wp-content/uploads/2023/11/eda.jpg)
European Union military spending reached a record 240 billion euros last year, a 6% increase compared to the previous year, according to an announcement by the European Defence Agency (EDA).
This is the eighth consecutive year of increases in such spending for EU countries, at a time when some of these countries argue that defence spending should increase significantly due to the Russian threat and the war in Ukraine.
Six of the 27 countries increased their military spending by more than 10% in 2022, and even by more than 30% in the case of Sweden, which is awaiting approval to join NATO.
France increased its military spending in 2022 by only 0.7%. EU countries as a whole devoted 1.5% of their Gross Domestic Product (GDP) to the defence sector, far short of the 2% target set by NATO. Twenty-two EU countries are members of NATO.
Some 58 billion euros were dedicated to defence investment, the European agency, tasked with improving defence capabilities within the EU, also said.
Despite these increased numbers, the capabilities of the defence industry in Europe are insufficient to cope with the demand coming from Ukraine. Europeans are committed to providing one million rounds in Ukraine by next March, but that ambitious goal now seems far-fetched.
However, the EU has significant shortcomings in terms of defence capability and continues to lag behind other countries in this area, Borrell admitted. Russia has projected to increase its military spending by 67% in 2024, around 30% of its GDP.
However, the EDA observes that spending dedicated to defence research and development reached €3.5 billion, that is, down by €200 million in 2022 compared to the previous year.
Source: CNN Greece
Also read: EDA | Tabletop exercise and new study focus on protecting critical energy infrastructure
READ MORE
Ukraine | Satellite images depict destruction of Russian drone base
Ukraine claims that satellite images show the destruction of a Russian warehouse used to launch Iranian-made drones and train cadets.
EU | Accession negotiations with Ukraine and Moldova officially kick off Tuesday
EU Finance Ministers meeting in Luxembourg formally approved the framework for negotiations with the two candidate countries…
EUROSATORY 2024 | Missile Artillery Solutions from MBDA
With such a large number of interested attendees at MBDA’s pavilion at the Eurosatory 2024 Defence exhibition, the stand reminded of an…
KNDS | Showcases full range of LEOPARD battle tanks at EUROSATORY
KNDS continues to expand its technological advantage in the field of main battle tank development, as we have witnessed at the Defence and…
THEON SENSORS | Distinguishing appearance at EUROSATORY 2024 with new range of products
THEON SENSORS attended the International Defence and Security Exhibition EUROSATORY 2024 as an ambassador of Greek innovation…
Ministry of Defence | Organization of Hellenic EDF Info Day
A Conference entitled “EDF Info Day” is organized in the Amphitheater of the National Gallery on Tuesday, July 9 from 09:00 to 17:00.
ALTUS LSA | Participates in EUROSATORY 2024 with KERVEROS in the foreground
The participation of ALTUS LSA in EUROSATORY 2024 is among the Greek participations of operational significance.
Freddy Beleris | Ιn jail until October
The elected mayor of Heimarra and Member of the European Parliament of New Democracy will remain in prison until October…