Henna Virkkunen: Funding under Rearm Europe – Readiness 2030 will amount to €800 billion

The European Commission has approved the EU "Defense Readiness Roadmap" until 2030, which provides for accelerated development of defense capabilities and large-scale defense investments. Under the Rearm Europe – Readiness 2030 plan, total investments will reach €800 billion, European Commission Vice-President Henna Virkkunen said following today"s EC college meeting.

"We need to act now, act quickly, and act together," said Virkkunen, according to Report's European bureau.

The European Commission said that EU countries" defense spending nearly doubled in four years – from €218 billion in 2020 to €392 billion in 2024.

The new plan foresees further investment increases, including a fivefold rise in funding for defense and space programs and a tenfold increase in the military mobility budget in the next seven-year EU budget, she noted.

"Europe is stepping up its efforts, investing in its defense, and Europe will be ready to protect itself," she concluded.