Monday, February 26, 2024

Defense spending in Europe has only increased by 4% per year over the last 5 years

- Advertisement -

A new report from the McKinsey firm highlights that the observed increase in defense spending in Europe does not allow European armies to compensate for the disastrous effects of 25 years of underinvestment in this area, in line with the widely shared theory. , but very little substantiated, of the benefits of Peace.

According to the plethora of announcements made in recent years, and more particularly since the start of Russian aggression against Ukraine, the budgets of the European armies are increasing, and even increasing a lot. However, a recent study published by the firm McKinsey seems much less enthusiastic than the speeches in this area.

- Advertisement -

Indeed, according to this, the budgets of European armies have increased, over the last 5 years, by 4% per year, or less than 22% in five years. Worse, while many have been made since February 24, 2022, these budgets will only increase, in the five years to come, by 6% per year, on average.

These amounts are most likely offset by inflation. However, according to the published study, they are very insufficient to counterbalance the disastrous effects of 25 years of critical underinvestment by the armies, which occurred after the fall of the Soviet Union.

Defense spending in Europe has increased by 4% per year since 2018 according to McKinsey

In fact, despite spectacular announcements like the German Zeitenwende and its €100 billion, or even the surge in Polish spending , these increases will not make it possible to reorient the current dynamic within the European armies.

- Advertisement -
Defense spending in Europe has not increased enough to offset the effects of 25 years of underinvestment following the end of the Soviet bloc.
Defense spending in Europe has not increased enough to offset the effects of 25 years of underinvestment following the end of the Soviet bloc.

The report highlights several reasons for this deadly situation. Thus, many announcements made are not followed by facts, or in a manner significantly lower than what could be anticipated. This is particularly the case in Italy and Germany, which appear quicker to support their industries than to strengthen their armies.


LOGO meta defense 70 Armed Forces Budgets and Defense Efforts | Germany | Europe

The rest of this article is reserved for subscribers

Classic subscriptions give access to all articles without advertising , starting at €1.99.


- Advertisement -
Fabrice Wolf
Fabrice Wolfhttps://meta-defense.fr/fabrice-wolf/
A former French naval aeronautics pilot, Fabrice is the editor and main author of the Meta-defense.fr site. His areas of expertise are military aeronautics, defense economics, air and submarine warfare, and Akita inu.

For further

1 COMMENT

Comments are closed.

SOCIAL NETWORKS

Last articles