In Europe, prices for weapons and military equipment have risen sharply amid the large-scale rearmament of NATO countries and Russia's war against Ukraine. Some types of equipment have increased in price by 50–60% over the past two years. This was stated by Estonian Defense Minister Hanno Pevkur, Bloomberg reports, according to UNN.
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According to the minister, the rising cost of weaponry is already putting additional pressure on the defense budgets of European states.
"Prices are rising. I am constantly in negotiations with my national armaments director,"
Europe reports supply shortages in the arms market
The minister noted that the price increase became particularly noticeable when attempting to purchase additional units of equipment that had been ordered previously.
"We see that when we bought something two years ago, and now we want to increase the quantity of what we bought – the same item – the price for some goods has risen by about 50%, 60%,"
He also emphasized that the European defense industry is not yet ready to rapidly scale up production without long-term contracts and guarantees from governments.
Estonia urges Europe not to delay rearmament
According to Pevkur, Europe cannot wait until 2030 to strengthen military readiness, as risks to NATO could increase in the near future.
"If the industry doesn't understand that there will be a lot of money in the market, then you are too late,"
Bloomberg notes that European countries are simultaneously trying to bolster their own defenses and continue supplying weapons to Ukraine amid Russia's full-scale war.