European defence spending sets a new record surpassing €200 billion
EDA countries have been joining efforts to improve their inventory. (Photo: Lithuanian Armed Forces)
The European Defence Agency’s (EDA) annual Defence Data report for 2020-2021, released on 8 December, showed that the defence spending in the region set a record last year, reaching €214 billion ($226 billion).
Even so, EDA member states are expected to raise their military budgets even more in the coming years.
The EDA report stated that the defence expenditure resisted the economic impact caused by the COVID-19 pandemic, and ‘member States’ announcements following Russia’s war of aggression against Ukraine signal that the increase in spending is likely to continue in the years ahead.
During the EDA Annual Conference 2022: Investing in
Already have an account? Log in
Want to keep reading this article?
Read this Article
Get access to this article with a Free Basic Account
- Original curated content, daily across air, land and naval domains
- 1 free story per week
- Personalised news alerts
- Daily and weekly newsletters
Unlimited Access
Access to all our premium news as a Premium News 365 Member. Corporate subscriptions available.
- Original curated content, daily across air, land and naval domains
- 14-day free trial (cancel at any time)
- Unlimited access to all published premium news
More from Defence Notes
-
I/ITSEC 2023: Vrgineers launches new mixed-reality headset
Mixed reality technology is gaining momentum in the simulation industry – especially in pilot training environment – and has been expected to surpass the usage of standard projection-based simulators.
-
Honeywell deal aims to improve ‘mission readiness’ of Indonesia’s armed forces
Honeywell to extend support to Indonesian defence industry following four decades of collaboration with the country’s military sectors.
-
Canada weighs up options to replace equipment sent to Ukraine
Canada has been considering its plans for replacing military equipment donated to Ukraine for its fight against invading Russia forces, including howitzers, tanks, missiles and small arms.