Finland to raise defence spending by billions of euros amid Russian threat

Yahoo

5 hours ago

Finland's Prime Minister Petteri Orpo has announced plans to significantly increase the country's defence budget in response to the persistent threat posed by Russia.
Source: Orpo in an interview with Yle, a Finnish public service media company, as reported by European Pravda
Details: Orpo stressed that Finland needs to strengthen its defence due to the constant danger coming from Russia.
Quote: "I am glad there is near-total agreement among all parties in Finland on this issue."
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More details: The prime minister explained that the only sustainable way to fund this increase is through accelerating economic growth and boosting employment, though he admitted that doing so will not be easy.
Orpo recalled that the current defence spending plan runs until 2032, meaning that future governments will also have to find financing solutions.
The Finnish government intends to raise its defence budget to three per cent of GDP by 2029, which implies an annual increase of €1.5-2 billion. The funds will primarily be allocated to the land forces, eastern border protection and air defence systems.
Background:
The US has recently called on NATO countries to move quickly towards spending five per cent of GDP on defence, citing Russia as the "greatest threat" in the Euro-Atlantic region.
The support for Ukraine's Armed Forces is expected to help NATO countries meet this requirement.
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