Defense expenditures in the EU budget may increase to 100 billion euros

European Commission President Ursula von der Leyen spoke about the need to increase European defense spending by another 500 billion euros over the next decade.

European Commissioner for Defense and Space Andrius Kubilius wants about 100 billion euros to be allocated to defense in the next seven-year EU budget, he told Politico.

In the EU's current seven-year budget of more than €1 trillion, only €10 billion is allocated to defence.

Rebuilding the EU's defense industry after decades of post-Cold War decline will require a lot of money. European Commission President Ursula von der Leyen spoke about the need to increase European defense spending by another 500 billion euros over the next decade.

It will not be easy to find this money, but without it, all defense plans remain "theoretical", Kubilyus warned.

New money could come from an increase in the EU budget, the issuance of joint debt obligations and the relaxation of rules for institutions such as the European Investment Bank.

Kubilius suggested that the EU revise its fiscal rules when it comes to defense spending. Currently, the EU limits member states to a budget deficit of no more than 3% of GDP and public debt to no more than 60% of GDP.