US EditionEU proposes raising defense funding in 2-trillion-euro budget
BRUSSELS, BELGIUM, JUL 16 – The European Commission aims to boost defense and space spending fivefold and allocates up to €100 billion for Ukraine's reconstruction in its €2 trillion budget proposal.
- The European Commission proposed a €2 trillion budget for 2028-2034 emphasizing defense and competitiveness on Wednesday in Brussels.
- This proposal follows the 2021-2027 budget of around €1.2 trillion and aims to address new challenges including Russia's aggression and economic competition.
- Key allocations include €131 billion for defense and space, a €451 billion competitiveness fund, €302 billion for farmers, and up to €100 billion to support Ukraine.
- The head of the European Commission described the budget as one that addresses current realities and future challenges, whereas the Dutch Finance Minister, Eelco Heinen, criticized the proposal for being excessively large.
- The draft will begin lengthy negotiations among the 27 member states and the European Parliament, with debates expected over funding size, sources, and priorities.
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EU Proposes Record Budget with Ukraine Aid and Defense Boost
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