The European Union has increased defense spending by 6% in 2022, but is still short of the 2% of GDP target and faces a shortage of critical capabilities, so more investment in the European defense industry is needed. This was stated on Thursday by the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, presenting a new report with the bloc's defense data, published for the annual conference of the European Defense Agency, writes UNN.
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According to Borrell, the report illustrates our situation and the challenges we face. "We are living in a crisis mode, but we must move to a sustainable, strategically defined defense effort," he said on social media platform X.
Borrell said that in 2022, spending by the 27 EU member states reached 240 billion euros, up 6% from 2021 and 40% from 2014 (+69 billion euros). Investments in new capabilities reached 58 billion euros (24% of total defense spending), exceeding the benchmark of 20%.
However, total defense spending is still around 1.5% of GDP. To reach the 2% target, member states would need to spend an additional €76 billion. The EU still lacks critical capabilities and needs to invest more in a stronger, more resilient and more innovative European defense industry,
According to the report, Sweden (+30.1%), Luxembourg (+27.9%), Lithuania (27.6%), Spain (19.3%), Belgium (14.8%) and Greece (13.3%) recorded the highest increase in total defense spending among the 27 EU member states.
Our armed forces must be prepared for a more complex era. Adapting to these new realities means, first and foremost, increasing investment in defense. The record 240 billion euros reinforces the commitment of Member States to strengthening European defense. However, we have key capability gaps and we continue to lag behind other global players in terms of spending. This is why it is not just about spending more on defense, but also about spending better and together. We must find added value in our ability to cooperate and seize opportunities to strengthen our armed forces through joint planning, joint projects, and joint procurement,
To recap,
European Council President Charles Michel pointed out the significant military assistance to Ukraine from the EU and called for more support for Kyiv and increased funding for the European defense industry.