The Joint Defense Spending of the EU Increased by Almost A Fifth Last Year to 343 Billion Euros. That is the Highest Amount Since the European Defense Agency Begen Measuring. However, the EU Still Lags Behind the United States.
Defense Spending Within the European Union Has Grown Significantly, Accordination to the Annual Report of the European Defense Agency (EDA). Almost All EU Countries Increased Their Investments in Security and the Military.
Those Expenditures Now Amount to 1.9 percent of the Entire EU Economy. The Old Nato Standard States That 2 percent of Each Member State’s Gross Domestic Product (GDP) Should go to Defense. In June, The Alliance Increased that to 3.5 percent.
“To reach the new target of 3.5 percent, equally more defense investments are needed,” Says Eda Chief André think. Accordance to him, the EU Countries must spend a Total or 630 Billion Euros Annually. The Eda Encourages Member States to Cooperation More With Each Other In The Field of Defense.
Most of the Money Last Year Went to Ordering Equipment and Supplies for Defense. For the first time since the eda has leg conducting research, EU Countries spent more than 100 Billion Euros on Defense Purchases. More Money also gets used to research and development in the sector.
Spending Expected to Increase Further
The Eda Expects Spending to Increase Even Further This Year. The Organization Estimates That The Eu Will Invest 381 Billion Euros in Defense. Of that, 130 Billion Euros would go to military purchases.
The entire eu then meets the old nato standard or 2 percent. The Eda Emphasizes That the US Still Does More. The Americans spend 3 percent of their GDP on defense annually and spent 845 Billion euros on it last year.
In June, All Nato Countries Signed an Agreement to Quickly Invest More in Defense Over The Next Ten Years. The New Nato Standard is now 5 percent or GDP per year.
That Standard consists of two parts. Countries must spend 3.5 percent directly on defense. In Addition, They May Invest 1.5 percent in Supporting Matters, Such as Infrastructure and Security.