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Trump’s strategy for Ukraine costs EU USD3 trillion
(MENAFN) Bloomberg economists have projected that the European Union could incur an additional $3.1 trillion in expenses over the next decade if it plans to continue supporting Ukraine while simultaneously enhancing its own military capabilities in the face of reduced US aid. This forecast follows recent warnings from the US, including President Donald Trump's threats to reduce NATO funding unless European countries increase their defense spending from 2% to 5% of GDP.
During a NATO meeting in Brussels, US Defense Secretary Pete Hegseth reinforced these concerns, emphasizing that European members must take on a larger share of the financial responsibility for aiding Ukraine and securing their own defense needs. He stated that the US will shift its focus to securing its own borders and will no longer prioritize European security.
Bloomberg economists estimated that rebuilding Ukraine's military could cost approximately $175 billion over the next decade, while an additional $30 billion would be required for a peacekeeping force of 40,000 troops. They also projected a $230 billion cost for reconstructing Ukraine's war-damaged infrastructure. However, the bulk of the funding would be directed towards enhancing the military capabilities of EU member states, including improving air defense systems, bolstering artillery stockpiles, and strengthening Eastern European borders.
Despite Trump's demands, many European NATO members have expressed concerns over the feasibility of reaching the 5% defense spending target and are instead aiming to increase defense budgets to 3.5% of GDP, potentially costing the five largest European NATO members an additional $2.7 trillion over the next decade. The significant costs are expected to strain European governments and could lead to budget restructuring, with sectors such as health, education, and welfare potentially bearing the brunt of the financial burden.
During a NATO meeting in Brussels, US Defense Secretary Pete Hegseth reinforced these concerns, emphasizing that European members must take on a larger share of the financial responsibility for aiding Ukraine and securing their own defense needs. He stated that the US will shift its focus to securing its own borders and will no longer prioritize European security.
Bloomberg economists estimated that rebuilding Ukraine's military could cost approximately $175 billion over the next decade, while an additional $30 billion would be required for a peacekeeping force of 40,000 troops. They also projected a $230 billion cost for reconstructing Ukraine's war-damaged infrastructure. However, the bulk of the funding would be directed towards enhancing the military capabilities of EU member states, including improving air defense systems, bolstering artillery stockpiles, and strengthening Eastern European borders.
Despite Trump's demands, many European NATO members have expressed concerns over the feasibility of reaching the 5% defense spending target and are instead aiming to increase defense budgets to 3.5% of GDP, potentially costing the five largest European NATO members an additional $2.7 trillion over the next decade. The significant costs are expected to strain European governments and could lead to budget restructuring, with sectors such as health, education, and welfare potentially bearing the brunt of the financial burden.
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