EU Plans €870 Billion Defense Investment Amid Security Concerns

The European Commission is moving to enhance defense capabilities across the EU in response to perceived threats, particularly from Russia, by proposing significant funding reallocations. This includes the potential use of approximately €392 billion from cohesion funds for defense purposes, while a separate initiative seeks to borrow €150 billion to support a broader $870 billion defense package dubbed Readiness 2030. Member states like Greece are also increasing their military budgets, with Greece committing €25 billion by 2037 to bolster its defense capabilities amid regional tensions. The proposed changes would allow EU countries to invest in dual civilian-military projects, such as infrastructure improvements for defense readiness. However, the Commission has clarified that direct military expenditures, like purchasing weapons, would not be funded through these measures. The proposal will need approval from the European Parliament and EU governments before it can be enacted.