The Russian invasion of Ukraine is unleashing a brand new period of army spending throughout Europe. Member nations of the North Atlantic Treaty Group, resembling Germany, have executed an about-face on its protection funds in current weeks.
“The Russian invasion of Ukraine was a wake-up name for lots of Germans, for politicians and for voters, who beforehand would have been skeptical that army energy might nonetheless be an essential device of affect in Europe at the moment,” mentioned Sophia Besch, senior analysis fellow on the Centre for European Reform, in an interview with CNBC.
Poland has moved to extend protection spending to three% of GDP. Germany has signed a deal to purchase F-35 fighter jets, and a number of other NATO allies want to improve from Soviet-era gear, resembling MiG-29s and Russian-produced surface-to-air missile programs, to U.S.-made weapons. The US, the highest army spender within the NATO alliance by far, is rising its personal protection funds whereas promoting high-tech arms to pleasant nations.
Watch the video above to learn how the Russian invasion of Ukraine might set off a surge in army spending throughout Europe.