EU To Increase Defense Spending By $74Bln Until 2025 - Borrell

EU to Increase Defense Spending by $74Bln Until 2025 - Borrell

The European Union will increase its defense spending by 70 billion euros ($74 billion) until 2025 to compensate "years of under-spending" caused by the financial crisis, EU foreign policy chief Josep Borrell said on Thursday.

MOSCOW (Pakistan Point News / Sputnik - 08th December, 2022) The European Union will increase its defense spending by 70 billion Euros ($74 billion) until 2025 to compensate "years of under-spending" caused by the financial crisis, EU foreign policy chief Josep Borrell said on Thursday.

"We have to compensate years of under-spending and we have to be able to shift from repairing the past and start winning the future. For doing that, I am going to say to a figure, the total expenditure that the member states have announced, will grow by 70 billion euros until 2025," Borrell said at the 2022 annual conference of the European Defence Agency.

In 2021, total EU defense expenditure grew to a new high of 214 billion euros, marking a further 6% increase compared to 2020 and the seventh year of consecutive growth. The expenditure is estimated to increase further by up to 70 billion euros until 2025. If defense spending continues to grow as forecast, the European Union will likely recover from under-spending in 2023, according to the Coordinated Annual Review on Defence.