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