EU Countries to Spend Only €500 Billion on Defense Over Five Years, Says Fitch Ratings

According to forecasts by Fitch Ratings, European Union countries will be able to allocate only about €500 billion for defense over the next five years, which is significantly less than the expected €800 billion proposed by the bloc. This issue has become particularly relevant in light of the decreasing military support from the United States, which has traditionally ensured Europe’s security since the end of World War II.

This is reported by AgroReview

“This is a major challenge at a time when some of the largest member states are facing high levels of debt and deficits,” experts note.

Experts emphasize that the amount of €500 billion is feasible and realistic for spending over the next four to five years. They also point out that countries further from Russia may have less incentive to increase defense spending.

Fitch’s forecasts indicate that defense spending in Germany and France could reach 3.3% of GDP, while in Italy and Spain, this figure will only be 2% of GDP. Overall, defense spending in Europe is expected to remain at 2.5-2.6% of GDP by 2028, which does not align with NATO’s ambitions to increase spending to more than 3%.