The European Union has approved the creation of an EU arms fund of EUR 150 billion (USD 170.7 billion), as it fears an attack by the aggressor country russia and is not confident in the ability of the United States to protect EU member states.
Reuters reported this on Tuesday, May 27.
EU ministers at a meeting in Brussels approved the creation of the Security Action for Europe (SAFE) fund. This decision was supported by 26 of the 27 EU member states, with only Hungary abstaining. The fund will allow for joint EU loans to be raised to provide loans to European countries for joint defense projects.
"We adopted SAFE – first large-scale defence investment programme on the EU level. The more we invest in our security, the better we deter those who wish us harm," the statement said.
Reuters writes that European countries fear becoming the next victim of russian aggression and are not sure that the United States will be able to protect them. EU countries have already increased defense spending by more than 30% over the past three years, but some EU leaders say that this is not enough.
As the Ukrainian News agency earlier reported, in early November 2024, the President of the European Parliament Roberta Metsola said that the EU needs to create its own organization that would ensure the security of the bloc in addition to NATO.
In December 2024, EU countries discussed the initiative to create a fund for joint defense projects and arms purchases.
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