Europe plans €800bn military investment amid US withdrawal of Ukraine support

The EU unveils a €800bn defence strategy to strengthen Europe’s military and provide urgent aid to Ukraine amid US withdrawal

European Commission President Ursula von der Leyen speaks during a media conference on the defense package at EU headquarters in Brussels. Picture: AP Photo/Virginia Mayo

A five-part plan to bolster Europe’s defence industry and increase its military capability could raise nearly €800bn and help provide urgent military support for Ukraine after the US suspended aid to Kyiv, the head of the European Commission has said.

Ursula von der Leyen said on Tuesday the 27-member bloc would propose giving member states more fiscal space for defence investments, as well as €150bn in loans for those investments, and would also aim to mobilise private capital.