EU protection spending projected to growth to €326B

But whereas 22 nations upped their outlay final yr, there are nonetheless issues with how the additional financing is being spent, based on the EDA’s Chief Executive Jiří Šedivý, whereas the full spend nonetheless pales compared to the form of funding made by the United States.

“[A] massive proportion is spent on off-the-shelf tools from exterior the EU,” stated Šedivý, calling for extra joint procurement inside the EU and a renewed concentrate on boosting the bloc’s personal protection trade. 

“Buying collectively saves cash, whereas growing belongings collectively makes us extra unbiased. I welcome rising analysis spending. But Europe lags behind the United States and China in defence analysis and know-how funding,” stated Šedivý.

The additional funding for 2024 will take the common protection outlay to an “unprecedented” 1.9 % of the EU’s total GDP, based on EDA’s report.