The war in Ukraine is driving 22 of the EU’s 27 member states to significantly increase their defense budgets, with combined spending projected to reach a record €326 billion in 2024, or 1.9% of the EU’s GDP.
This marks the 10th consecutive year of growth in military investment, according to the European Defence Agency (EDA).
In 2023, EU countries spent approximately €279 billion on defense, a 10% increase from the previous year, continuing a trend of rising defense expenditures. The forecast for 2024 represents a further 17% increase as nations aim to strengthen their defense capabilities in response to Russia’s invasion of Ukraine and broader security concerns.
Despite the increase, EDA Chief Executive Jiří Šedivý highlighted ongoing issues with how the funds are being allocated, particularly the reliance on foreign-made equipment. He called for more joint procurement within the EU and greater focus on developing the EU’s own defense industry to enhance independence.
“Purchasing together saves money, and developing assets together strengthens our autonomy,” Šedivý stated, noting that while research spending is rising, Europe still lags behind the U.S. and China in defense technology investment.
The projected rise in spending will bring the EU’s average defense expenditure to an “unprecedented” 1.9% of its GDP.
