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