EU Defense Spending Expected to Surge to €326 Billion

While 22 countries increased their defense spending last year, concerns persist about how effectively this additional funding is being utilized, according to Jiří Šedivý, Chief Executive of the European Defence Agency (EDA). Despite the financial uptick, overall spending remains modest compared to the scale of investment seen in the United States.

“A significant portion of this spending goes toward off-the-shelf equipment purchased from outside the EU,” Šedivý emphasized. He advocated for more joint procurement initiatives within the bloc and greater efforts to strengthen Europe’s own defense industry.

“Collaborating on purchases reduces costs, while co-developing capabilities enhances our independence. I appreciate the rise in research funding, but Europe is still falling behind the United States and China when it comes to investing in defense research and technology,” Šedivý added.

The additional investment projected for 2024 is expected to raise defense spending across the EU to a record 1.9 percent of the bloc’s total GDP, according to the EDA’s latest report.