The Russian invasion of Ukraine is sparking a new era of military spending across Europe. The member countries of the North Atlantic Treaty Organization, such as Germany, have made a radical shift in military spending in recent weeks.
“The Russian invasion of Ukraine was a wake-up call to many Germans, to politicians and to voters, who previously, I think, would have been skeptical that military power could still be an important tool of influence in Europe today.” said Sophia Besch, a senior fellow at the Center for European Reform, in an interview with CNBC.
Poland has moved to increase defense spending to 3% of GDP. Germany has signed a deal to buy F-35 fighter jets, and several NATO allies are seeking to upgrade Soviet-era equipment, such as Mig-29s and Russian-produced surface-to-air missile systems, with weapons made in Russia. United States. The United States, by far the largest military spender in the NATO alliance, is looking at increase your own defense budget while selling high-tech weapons to friendly nations.
Watch the video above to find out how the Russian invasion of Ukraine could trigger a spike in military spending across Europe.