Europe is ready to increase defense spending.

Most EU countries that are also NATO members are likely to agree to increase the defense spending target at the Alliance’s June summit, European Council President Antonio Costa said. An informal meeting of EU leaders is scheduled for February 3 to discuss defense and security investments. NATO’s Secretary General and the British Prime Minister will also participate.

The combined defense spending of the 23 EU NATO countries already meets the 2% GDP target, as they have increased defense spending in the aftermath of Russia’s invasion of Ukraine in February 2022.

“Member states have a reasonable consensus to continue on this path. I would expect that the next NATO summit in June will set a target higher than 2%. Whether it will be 5% or 3%, I do not know,” Costa said.

In turn, Lithuania, Estonia, Latvia, and Poland believe that the EU needs to double defense spending, as the bloc urgently needs at least €100B to be invested. The countries also called for continued support of Ukraine and the confiscation of the Russian Central Bank’s frozen assets.