The Russian invasion of Ukraine is unleashing a brand new period of navy spending throughout Europe. Member international locations of the North Atlantic Treaty Group, corresponding to Germany, have executed an about-face on its protection price range in latest 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 navy energy may nonetheless be an necessary software of affect in Europe in the present day,” 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 3% of GDP. Germany has signed a deal to purchase F-35 fighter jets, and a number of other NATO allies need to improve from Soviet-era tools, corresponding to MiG-29s and Russian-produced surface-to-air missile programs, to U.S.-made weapons. The USA, the highest navy spender within the NATO alliance by far, is taking a look at increasing its own defense budget whereas promoting high-tech arms to pleasant nations.
Watch the video above to learn how the Russian invasion of Ukraine may set off a surge in navy spending throughout Europe.