Europe will probably have to double its defense spending to address the challenge of Russia’s aggression against Ukraine, as well as a possible reduction in American support with Donald Trump’s presidency, writes Bloomberg. In particular, the 15 largest European NATO members will have to increase military investments by $340B a year to $720B.
Earlier, the former president of the European Central Bank said that Europe needs to expand its defense industrial capacity to ensure that the region’s fundamental values do not disappear. After decades of underfunding, rearmament on this scale could take more than 10 years on the continent.
Meanwhile, Poland has decided to establish production of nitrocellulose and gunpowder, necessary for large-caliber ammunition. Plans for constructing ammunition factories in the country were also announced.
“Poland should produce 155-mm ammunition independently. Our goal is not one plant, but several, as well as joint efforts with partners in NATO and the EU,” the Minister of Defense said.
The government will allocate almost €700M to build the first plant; the work should start in a year in Tarnów.