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Built fjord tough: Why one American ally is surging defense spending
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Built fjord tough: Why one American ally is surging defense spending
Business
Date posted: 08.04.2024
Category: Business News
The Ukraine war and Vladimir Putin’s aggression has transformed Western security policy in countless ways. In Norway, that transformation has a new price tag: $152 billion.
Norway on Friday unveiled a 12-year, $56 billion defense boost that ranks as the country’s most ambitious long-term commitment to its security in its history. The news comes as the NATO alliance faces unprecedented tests from both Russia’s war in Ukraine and a U.S. election that could bring new strains to the 75-year-old group.
“We need a defense that is fit for purpose in the emerging security environment,” Prime Minister Jonas Gahr Store said in a speech Friday. “As our security environment is deteriorating, we need to spend more on and pay more attention to defense and preparedness.”
The two-party government that runs the country is looking to spend a total of $152 billion between now and 2036 on defense.
The move comes as European countries continue their yearslong hikes in defense budgets, which started slowly after Russia’s 2014 invasion of Ukraine and seizure of Crimea, and sped up after Moscow launched its February 2022 full-scale invasion of the country.
Read full article here.
Source: Politico