The Russian invasion of Ukraine is unleashing a brand new period of navy spending throughout Europe. Member nations of the North Atlantic Treaty Organization, similar to Germany, have carried out an about-face on its protection funds in current 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 device of affect in Europe right this moment,” stated Sophia Besch, senior analysis fellow on the Centre for European Reform, in an interview with CNBC.
Poland has moved to extend protection spending to three% of GDP. Germany has signed a deal to purchase F-35 fighter jets, and a number of other NATO allies wish to improve from Soviet-era tools, similar to MiG-29s and Russian-produced surface-to-air missile programs, to U.S.-made weapons. The United States, the highest navy spender within the NATO alliance by far, is rising its personal protection funds 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.