In 2023, the total defense costs of EU member states reached a record 270 billion euros ($295 billion). Charles Michel, the President of the European Council, announced this on Thursday.
"This year alone, the defense costs of all EU member states amount to approximately 270 billion euros," said Michel.
Spending reached €240 billion last year, a record in itself and up 6% from 2021. The European Defense Agency reported that six countries increased their spending by more than 10% in 2022, with NATO candidate Sweden increasing spending by more than 30%.
