Defense Products In Europe Have Become More Than 50% More Expensive In Two Years - Estonian Defense Minister

(MENAFN- UkrinForm) Estonian Defense Minister Hanno Pevkur stated this at the Lennart Meri Security Conference in Tallinn, according to Ukrinform, citing Bloomberg.

“Prices are going up.I have discussions with my national armament director constantly. What we see is that when we bought something two years ago, and when we now want to increase these quantities what we bought - the same thing - then the price has gone up like 50%, 60% for some items,” he said.

The sharp rise in prices for weapons and military equipment complicates NATO's defense spending plans, as Europe is under pressure to rapidly rearm. In addition, Bloomberg notes, Europe must take on a major share of supplies for Ukraine while the United States shifts its attention to other regions.

Pevkur described the situation as a“chicken and egg” problem: countries see a shortage of supply on the market, but the European defense industry is not ready to increase investment until governments sign contracts.

Read also: Estonian FM Margus Tsahkna: Russia in fragile state now, more pressure needed

According to the minister, Europe does not have time to wait until 2030 to improve military readiness, as“the best time to poke NATO” could come as early as this year or the next.

“If the industry doesn't understand that there will be a lot of money on the market, then you are late,” Pevkur noted, adding that spending must remain high for a prolonged period.

As Ukrinform reported, Estonian Foreign Minister Margus Tsahkna called on members of the Ramstein coalition to follow his country's example and allocate 0.25% of GDP annually to military aid for Ukraine.

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