Swedish Prime Minister Ulf Kristersson announced that the country will increase defense spending by 2.4 billion euros (26.6 billion Swedish kronor), which will be the largest increase since the Cold War. This is reported by UNN with reference to Euractiv.
"This is unprecedented, unless you go back to the worst times of the Cold War," he said.
The bill, which the government is to submit by September 22, will increase the defense budget by 18% compared to 13 billion euros this year. Additional funds (430.9 million euros) will be directed to the purchase of equipment and structures, including air defense systems, missile artillery, combat vehicles, ships and tactical transport aircraft.
The decision was made against the backdrop of an escalating security situation: the invasion of Russian drones on NATO's eastern flank, the deployment of additional Alliance troops, and Russia's "West" military exercises from Kaliningrad.
Sweden plans to approach NATO's target of 3.5% of GDP by 2035 - defense spending is expected to be 2.8% of GDP in 2026 and 3.1% in 2028.