“Readiness 2030”, Europe's plans for rearmament - Europe's defense sector offers around 600,000 jobs
The European Union is committed to strengthening European defense capabilities. The European Commission's proposal, originally called "Rearmament of Europe" and now known as "Readiness 2030", prioritizes the supply of strategic equipment, such as air and missile defense, artillery systems, missiles, ammunition, and drone and anti-drone systems. Military spending would be exempt from strict European fiscal constraints.
If each member state were to spend 1.5% of its GDP on defense, on average, the combined amount would be 650 billion euros. In addition, the plan provides for 150 billion euros in loans to purchase defense capabilities produced mainly in Europe.
Additional sources of funding for protection are under study, including the mobilization of private financing.
The EU is also studying the harmonisation of requirements and joint procurement to ensure a more efficient market, to reduce costs. In total, around 2,500 companies operate in the EU defence industry. Europe’s defence sector provides around 600,000 jobs and the new scenario could help to provide even more. But can Europe – burdened with debt – really afford this massive rearmament effort in the current unstable economic situation?
According to experts, given the new geopolitical context, Europe has little choice but to move forward. Europe plans to set a minimum threshold that 65 percent of military components eligible for funding must be European.
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